Quarry LP Cuts Stock Position in Ovintiv Inc. $OVV

Key Points

• Quarry LP reduced its stake in Ovintiv Inc. by 19.4%, selling 9,171 shares to hold a total of 38,090 shares valued at approximately $1.63 million.
• Several other hedge funds have altered their positions in Ovintiv, with Harbour Investments Inc. increasing its stake by 143.8% during the same quarter.
• Ovintiv announced a quarterly dividend of $0.30 per share, representing a yield of 2.8%, to be paid on September 29th to shareholders of record as of September 15th.

Quarry LP lessened its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 19.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 38,090 shares of the company's stock after selling 9,171 shares during the period. Quarry LP's holdings in Ovintiv were worth $1,630,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Colonial Trust Co SC purchased a new position in shares of Ovintiv in the 4th quarter valued at $28,000. Harbour Investments Inc. increased its stake in Ovintiv by 143.8% during the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company's stock worth $39,000 after buying an additional 542 shares during the period. Gen Wealth Partners Inc increased its stake in Ovintiv by 91.8% during the 1st quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock worth $43,000 after buying an additional 484 shares during the period. SVB Wealth LLC purchased a new stake in Ovintiv during the 1st quarter worth $48,000. Finally, Quent Capital LLC increased its stake in Ovintiv by 146.5% during the 1st quarter. Quent Capital LLC now owns 1,134 shares of the company's stock worth $49,000 after buying an additional 674 shares during the period. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Trading Up 0.5%

NYSE OVV opened at $42.17 on Friday. Ovintiv Inc. has a one year low of $29.80 and a one year high of $47.18. The company has a 50-day simple moving average of $40.06 and a 200-day simple moving average of $38.94. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The firm has a market capitalization of $10.84 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 5.25 and a beta of 1.10.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly 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). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.92 billion. On average, equities analysts forecast that Ovintiv Inc. will post 5.59 earnings per share 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 paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's payout ratio is presently 53.10%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on OVV shares. Mizuho dropped their price target on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Scotiabank lifted their price target on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research note on Friday, July 11th. Wells Fargo & Company dropped their price target on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, June 16th. Barclays lifted their price target on shares of Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Finally, The Goldman Sachs Group raised shares of 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. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Ovintiv presently has a consensus rating of "Buy" and a consensus target price of $53.07.

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.

Want to see what other hedge funds are holding OVV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ovintiv Inc. (NYSE:OVV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.