Two Sigma Investments LP Trims Holdings in Ovintiv Inc. (NYSE:OVV)

Two Sigma Investments LP lessened its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 35.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 732,511 shares of the company's stock after selling 397,783 shares during the quarter. Two Sigma Investments LP owned 0.28% of Ovintiv worth $29,667,000 at the end of the most recent reporting period.

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

Ovintiv Price Performance

Shares of OVV stock traded up $0.14 during trading hours on Monday, hitting $35.81. 3,202,824 shares of the company's stock were exchanged, compared to its average volume of 3,256,787. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $51.72. The firm has a market cap of $9.30 billion, a P/E ratio of 4.75 and a beta of 1.14. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a 50 day moving average of $36.63 and a two-hundred day moving average of $40.44.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. The company 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%. Sell-side analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.35%. Ovintiv's dividend payout ratio (DPR) is presently 51.06%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on OVV shares. Wells Fargo & Company raised their target price on shares of Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 22nd. Barclays cut their price target on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $55.00 to $57.00 in a report on Monday, March 24th. JPMorgan Chase & Co. lowered their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, Scotiabank raised Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target 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.