Two Sigma Investments LP Decreases Stake in Ovintiv Inc. (NYSE:OVV)

Two Sigma Investments LP lowered its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 35.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 732,511 shares of the company's stock after selling 397,783 shares during the period. Two Sigma Investments LP owned about 0.28% of Ovintiv worth $29,667,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Ovintiv by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company's stock worth $1,193,272,000 after buying an additional 451,947 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Ovintiv by 14.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company's stock valued at $225,265,000 after acquiring an additional 683,700 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Ovintiv by 1,732.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock worth $137,134,000 after acquiring an additional 3,203,087 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Ovintiv by 69.7% during the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock worth $132,992,000 after purchasing an additional 1,348,221 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Ovintiv by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company's stock valued at $118,530,000 after purchasing an additional 8,168 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analyst Ratings Changes

OVV has been the topic of several recent research reports. Wells Fargo & Company lifted their target price on shares of Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 22nd. Morgan Stanley restated an "overweight" rating and set a $50.00 price target on shares of Ovintiv in a research report on Tuesday, April 15th. Barclays dropped their price objective on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. Finally, Mizuho dropped their price target on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $55.65.

Ovintiv Trading Up 0.4%

NYSE OVV traded up $0.14 during trading hours on Friday, reaching $35.81. The company had a trading volume of 3,202,824 shares, compared to its average volume of 3,252,636. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $9.30 billion, a P/E ratio of 4.75 and a beta of 1.14. The stock has a 50-day moving average of $36.73 and a 200 day moving average of $40.49. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $51.72.

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

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders 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 yield of 3.35%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's payout ratio is 51.06%.

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.