Invenomic Capital Management LP Sells 26,072 Shares of Ovintiv Inc. $OVV

Key Points

• Invenomic Capital Management LP reduced its stake in Ovintiv Inc. by 3.9%, bringing its total shares to 639,599, making it the 18th largest position in their portfolio.
• Ovintiv recently announced a quarterly dividend of $0.30 per share, with a 2.8% dividend yield, and a dividend payout ratio of 53.10%.
• Analysts have diverse outlooks on Ovintiv, with Barclays raising its price target to $57.00 and TD Cowen upgrading the stock to a "strong-buy" rating.

Invenomic Capital Management LP lowered its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 3.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 639,599 shares of the company's stock after selling 26,072 shares during the quarter. Ovintiv comprises approximately 1.4% of Invenomic Capital Management LP's portfolio, making the stock its 18th biggest position. Invenomic Capital Management LP owned 0.25% of Ovintiv worth $27,375,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Colonial Trust Co SC purchased a new stake in Ovintiv in the fourth quarter worth about $28,000. Harbour Investments Inc. grew its holdings in Ovintiv by 143.8% in the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock worth $39,000 after purchasing an additional 542 shares during the period. Gen Wealth Partners Inc grew its holdings in Ovintiv by 91.8% in the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock worth $43,000 after purchasing an additional 484 shares during the period. SVB Wealth LLC purchased a new stake in Ovintiv in the first quarter worth about $48,000. Finally, Quent Capital LLC grew its holdings in Ovintiv by 146.5% in the first quarter. Quent Capital LLC now owns 1,134 shares of the company's stock worth $49,000 after purchasing an additional 674 shares during the period. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Performance

Shares of Ovintiv stock traded up $0.97 during trading on Wednesday, hitting $42.42. 954,499 shares of the company's stock traded hands, compared to its average volume of 3,502,655. The stock has a market capitalization of $10.90 billion, a P/E ratio of 18.78, a PEG ratio of 5.27 and a beta of 1.08. The business has a 50-day simple moving average of $40.51 and a 200-day simple moving average of $38.81. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $47.18. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.92 billion. As a group, analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. Ovintiv's dividend payout ratio is currently 53.10%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Scotiabank upped their price objective on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a report on Friday, July 11th. Wells Fargo & Company reduced their price target on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. Citigroup set a $54.00 price target on Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. Morgan Stanley set a $48.00 price target on Ovintiv and gave the company an "equal weight" rating in a report on Monday, August 18th. Finally, UBS Group raised their price target on Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $53.07.

About Ovintiv

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.