Ovintiv Inc. $OVV Position Increased by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its Ovintiv stake by 2,336.7% in the second quarter, holding 128,462 shares valued at approximately $6.8 million. Institutional investors and hedge funds collectively own 83.81% of the company.
• Ovintiv shares opened at $64.43, near their 52-week high of $67.51. The company reported quarterly EPS of $1.74, below the $1.94 analyst consensus, while revenue of $3.01 billion exceeded estimates.
• Ovintiv declared a quarterly dividend of $0.30 per share, representing an annualized payout of $1.20 and a 1.9% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $68.20.

Hsbc Holdings PLC boosted its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 2,336.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 128,462 shares of the company's stock after purchasing an additional 123,190 shares during the period. Hsbc Holdings PLC's holdings in Ovintiv were worth $6,805,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Ovintiv during the 2nd quarter valued at about $1,422,959,000. AQR Capital Management LLC lifted its stake in Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company's stock valued at $199,866,000 after acquiring an additional 3,589,030 shares during the last quarter. Millennium Management LLC grew its position in Ovintiv by 116.3% in the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company's stock worth $223,101,000 after acquiring an additional 3,060,691 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Ovintiv during the 2nd quarter worth $124,308,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Ovintiv by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company's stock valued at $433,418,000 after purchasing an additional 1,669,469 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Up 0.5%

Shares of OVV opened at $64.43 on Thursday. The company has a 50-day simple moving average of $61.24 and a 200-day simple moving average of $57.98. The firm has a market capitalization of $17.75 billion, a P/E ratio of 18.20 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $67.51.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. On average, equities research analysts expect that Ovintiv Inc. will post 7.3 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. Ovintiv's payout ratio is currently 33.90%.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of Ovintiv stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the sale, the executive vice president owned 72,530 shares in the company, valued at $4,592,599.60. The trade was a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.85% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Weiss Ratings raised shares of Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, July 28th. Wells Fargo & Company upped their price target on Ovintiv from $78.00 to $79.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 2nd. Texas Capital raised Ovintiv to a "strong-buy" rating in a research note on Thursday, June 25th. Zacks Research lowered Ovintiv from a "strong-buy" rating to a "hold" rating in a report on Monday, June 15th. Finally, Scotiabank raised Ovintiv from an "outperform" rating to a "buy" rating in a research report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.20.

Ovintiv Profile

Ovintiv Inc is an independent North American energy company engaged primarily in the exploration, development, production and acquisition of oil, condensate, natural gas liquids and natural gas. Its portfolio is focused on unconventional, or shale, resource plays, with operations designed to produce a mix of higher-value liquids and natural gas.

The company's principal assets are located in the United States and Canada. Its U.S. operations include positions in the Permian Basin of west Texas and New Mexico, the Uinta Basin of Utah and the Anadarko Basin of Oklahoma, while its Canadian operations include properties in Alberta's Montney and Duvernay formations.

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