Two Sigma Advisers LP Cuts Stake in Ovintiv Inc. (NYSE:OVV)

Two Sigma Advisers LP lessened its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,248,550 shares of the company's stock after selling 24,200 shares during the period. Two Sigma Advisers LP owned approximately 0.48% of Ovintiv worth $50,566,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OVV. Colonial Trust Co SC acquired a new position in Ovintiv during the 4th quarter valued at about $28,000. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock valued at $29,000 after acquiring an additional 360 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after acquiring an additional 335 shares in the last quarter. Optiver Holding B.V. purchased a new position in shares of Ovintiv in the 4th quarter valued at approximately $40,000. Finally, Mizuho Bank Ltd. acquired a new stake in Ovintiv in the 4th quarter worth approximately $40,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Trading Down 0.7%

Ovintiv stock opened at $37.06 on Tuesday. The firm has a market cap of $9.63 billion, a PE ratio of 4.92 and a beta of 1.14. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $51.72. The stock's 50 day simple moving average is $36.97 and its two-hundred day simple moving average is $40.58. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.22. The firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. Analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date is Friday, June 13th. Ovintiv's dividend payout ratio (DPR) is presently 51.06%.

Analyst Ratings Changes

A number of research analysts have issued reports on OVV shares. Scotiabank upgraded shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. JPMorgan Chase & Co. cut their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. National Bankshares raised their target price on Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Williams Trading set a $58.00 price target on Ovintiv in a research note on Wednesday, March 5th. Finally, BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $55.00 to $57.00 in a report on Monday, March 24th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Ovintiv currently has a consensus rating of "Buy" and a consensus target price of $55.65.

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.

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.