Entropy Technologies LP Sells 16,645 Shares of Ovintiv Inc. (NYSE:OVV)

Key Points

• Entropy Technologies LP has decreased its position in Ovintiv Inc. by 28.5%, resulting in ownership of 41,817 shares valued at approximately $1.79 million.
• Ovintiv recently reported $1.02 EPS for the quarter, falling short of analysts' expectations, with revenues of $1.79 billion, compared to an anticipated $1.92 billion.
• The company announced a quarterly dividend of $0.30 per share, reflecting an annualized payout of $1.20 and a yield of 3.0%.

Entropy Technologies LP cut its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 28.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 41,817 shares of the company's stock after selling 16,645 shares during the quarter. Entropy Technologies LP's holdings in Ovintiv were worth $1,790,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Colonial Trust Co SC bought a new position in shares of Ovintiv during the fourth quarter valued at $28,000. Harbour Investments Inc. raised its holdings in shares of Ovintiv by 143.8% in the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after buying an additional 542 shares during the last quarter. Optiver Holding B.V. bought a new position in shares of Ovintiv in the fourth quarter valued at about $40,000. Quent Capital LLC raised its holdings in shares of Ovintiv by 146.5% in the first quarter. Quent Capital LLC now owns 1,134 shares of the company's stock valued at $49,000 after buying an additional 674 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Ovintiv in the first quarter valued at about $61,000. 83.81% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on OVV shares. TD Cowen raised Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Wells Fargo & Company dropped their price objective on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. The Goldman Sachs Group upgraded Ovintiv from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Scotiabank boosted their target price on Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Finally, Citigroup set a $54.00 target price on Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $53.47.

Ovintiv Stock Up 1.7%

Shares of OVV traded up $0.67 on Tuesday, hitting $39.60. The company's stock had a trading volume of 2,064,112 shares, compared to its average volume of 3,429,865. The firm has a market capitalization of $10.18 billion, a price-to-earnings ratio of 17.52, a P/E/G ratio of 4.71 and a beta of 1.10. The firm's fifty day moving average price is $40.01 and its 200-day moving average price is $39.22. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. On average, equities research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. Ovintiv's dividend payout ratio is currently 53.10%.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.