Renaissance Technologies LLC Has $5.86 Million Position in Ovintiv Inc. $OVV

Key Points

• Renaissance Technologies cut its Ovintiv stake by 48.9% in the first quarter, selling 94,600 shares and retaining 98,728 shares valued at approximately $5.86 million. Institutional investors and hedge funds collectively own 83.81% of OVV.
• Analyst sentiment remains positive: Ovintiv has a consensus rating of “Moderate Buy” from 22 analysts, with a consensus price target of $66.89. Several firms recently upgraded the stock or raised their price targets.
• Ovintiv reported quarterly earnings of $1.74 per share, below the $1.94 consensus estimate, while revenue of $3.01 billion exceeded expectations. The company also declared a quarterly dividend of $0.30 per share, representing a 2.1% annualized yield.

Renaissance Technologies LLC lessened its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 48.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 98,728 shares of the company's stock after selling 94,600 shares during the period. Renaissance Technologies LLC's holdings in Ovintiv were worth $5,860,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OVV. Steph & Co. bought a new stake in shares of Ovintiv during the 1st quarter valued at $29,000. Root Financial Partners LLC increased its position in shares of Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company's stock worth $54,000 after purchasing an additional 277 shares during the period. Flagship Harbor Advisors LLC bought a new position in shares of Ovintiv in the fourth quarter worth $38,000. Los Angeles Capital Management LLC acquired a new position in Ovintiv in the fourth quarter valued at about $46,000. Finally, Deseret Mutual Benefit Administrators lifted its position in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock worth $52,000 after purchasing an additional 287 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OVV. Wall Street Zen upgraded shares of Ovintiv from a "hold" rating to a "buy" rating in a research note on Saturday, July 25th. Truist Financial restated a "buy" rating and issued a $73.00 target price (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. National Bank Financial increased their price target on shares of Ovintiv from $82.00 to $83.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 8th. Texas Capital raised shares of Ovintiv to a "strong-buy" rating in a research note on Thursday, June 25th. Finally, Scotiabank upgraded Ovintiv from an "outperform" rating to a "buy" rating in a research note on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $66.89.

Ovintiv Stock Down 4.8%

Shares of NYSE OVV opened at $57.85 on Thursday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The company has a market cap of $15.94 billion, a price-to-earnings ratio of 16.34 and a beta of 0.53. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $64.61. The stock has a 50-day moving average price of $56.69 and a two-hundred day moving average price of $54.43.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). The company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. As a group, analysts forecast that Ovintiv Inc. will post 6.87 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.1%. Ovintiv's dividend payout ratio (DPR) is 33.90%.

Ovintiv Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv's upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company's core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.

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