Acadian Asset Management LLC Has $5.27 Million Stock Holdings in Ovintiv Inc. $OVV

Key Points

• Acadian Asset Management LLC has reduced its holdings in Ovintiv Inc. by 32.9%, now owning 123,243 shares valued at $5,274,000.
• Several institutional investors have significantly increased their stakes in Ovintiv, with Charles Schwab Investment Management Inc. raising its holdings by 383.8% during the first quarter.
• Ovintiv reported earnings per share (EPS) of $1.02 for the last quarter, missing the consensus estimate by $0.02, alongside an announced quarterly dividend of $0.30 per share.

Acadian Asset Management LLC trimmed its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 32.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 123,243 shares of the company's stock after selling 60,485 shares during the quarter. Acadian Asset Management LLC's holdings in Ovintiv were worth $5,274,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Atlas Capital Advisors Inc. lifted its position in shares of Ovintiv by 1,681.1% during the 1st quarter. Atlas Capital Advisors Inc. now owns 13,875 shares of the company's stock valued at $594,000 after acquiring an additional 13,096 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Ovintiv by 54.3% during the 1st quarter. BNP Paribas Financial Markets now owns 962,871 shares of the company's stock valued at $41,211,000 after acquiring an additional 338,866 shares during the period. Raymond James Financial Inc. lifted its position in shares of Ovintiv by 204.2% during the 1st quarter. Raymond James Financial Inc. now owns 583,839 shares of the company's stock valued at $24,988,000 after acquiring an additional 391,923 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Ovintiv by 383.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock valued at $396,267,000 after acquiring an additional 7,344,796 shares during the period. Finally, Maverick Capital Ltd. lifted its position in shares of Ovintiv by 135.3% during the 1st quarter. Maverick Capital Ltd. now owns 13,492 shares of the company's stock valued at $577,000 after acquiring an additional 7,758 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on OVV. Barclays upped their target price on Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Citigroup set a $54.00 price objective on Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Scotiabank upped their price objective on Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Mizuho dropped their price objective on Ovintiv from $58.00 to $50.00 and set an "outperform" rating for the company in a research report on Monday. Finally, TD Cowen upgraded Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $52.53.

Ovintiv Price Performance

OVV traded up $0.04 on Thursday, reaching $42.00. The stock had a trading volume of 2,569,017 shares, compared to its average volume of 2,802,380. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18. The firm has a 50-day moving average of $40.75 and a 200-day moving average of $38.82. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $10.80 billion, a price-to-earnings ratio of 18.58, a price-to-earnings-growth ratio of 5.39 and a beta of 1.08.

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

Ovintiv Announces Dividend

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. This represents a $1.20 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's dividend payout ratio is presently 53.10%.

Ovintiv 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.