Systematic Financial Management LP Trims Position in Ovintiv Inc. $OVV

Key Points

• Systematic Financial Management LP trimmed its Ovintiv stake by 2.4% in Q1, selling 17,649 shares and ending with 720,681 shares worth about $42.8 million. Ovintiv remains its 25th-largest holding, representing roughly 1% of the portfolio.
• Ovintiv reported earnings below expectations for the latest quarter, posting $1.74 EPS versus the $1.94 consensus, though revenue came in stronger than expected at $3.01 billion. Analysts still project full-year EPS of 7.08.
• The company declared a quarterly dividend of $0.30 per share, equal to a 2.0% annualized yield, while analysts currently rate the stock a consensus Moderate Buy with a target price of $65.63.

Systematic Financial Management LP decreased its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 2.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 720,681 shares of the company's stock after selling 17,649 shares during the period. Ovintiv makes up approximately 1.0% of Systematic Financial Management LP's holdings, making the stock its 25th largest position. Systematic Financial Management LP owned approximately 0.26% of Ovintiv worth $42,780,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Sei Investments Co. raised its stake in Ovintiv by 46.2% during the 1st quarter. Sei Investments Co. now owns 412,758 shares of the company's stock valued at $24,501,000 after acquiring an additional 130,405 shares during the last quarter. Lido Advisors LLC lifted its position in Ovintiv by 18.4% during the 1st quarter. Lido Advisors LLC now owns 46,500 shares of the company's stock worth $2,760,000 after acquiring an additional 7,219 shares during the period. Cetera Investment Advisers grew its stake in shares of Ovintiv by 8.1% in the 1st quarter. Cetera Investment Advisers now owns 37,656 shares of the company's stock valued at $2,235,000 after purchasing an additional 2,809 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Ovintiv by 74.2% in the 1st quarter. First Trust Advisors LP now owns 1,481,562 shares of the company's stock valued at $87,946,000 after purchasing an additional 631,262 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Ovintiv by 13.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 17,414 shares of the company's stock valued at $1,034,000 after purchasing an additional 2,027 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Trading Up 1.5%

Shares of OVV stock opened at $61.41 on Friday. The business's fifty day moving average price is $56.31 and its 200 day moving average price is $53.03. The firm has a market capitalization of $17.26 billion, a PE ratio of 19.81 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $63.46.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. As a group, sell-side analysts forecast that Ovintiv Inc. will post 7.08 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. Ovintiv's dividend payout ratio (DPR) is 38.71%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Zacks Research cut Ovintiv from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 15th. Bank of America lifted their price objective on shares of Ovintiv from $63.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Wall Street Zen cut shares of Ovintiv from a "buy" rating to a "hold" rating in a research note on Tuesday, June 30th. Weiss Ratings downgraded shares of Ovintiv from a "buy (b-)" rating to a "hold (c)" rating in a research report on Tuesday, May 12th. Finally, Scotiabank upgraded shares of Ovintiv from an "outperform" rating to a "buy" rating in a research note on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $65.63.

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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