Y Intercept Hong Kong Ltd Trims Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Key Points

• Y Intercept Hong Kong Ltd has significantly decreased its stake in Ovintiv, selling 25,727 shares and reducing its holdings by 69.5% in Q1, now owning 11,308 shares valued at $484,000.
• Several large institutional investors, including Dimensional Fund Advisors and AQR Capital Management, have increased their holdings in Ovintiv, highlighting continued interest in the company, which has over 83% of its shares held by institutions.
• Research analysts have revised Ovintiv's stock ratings and price targets, with Goldman Sachs upgrading it to a "buy" and raising the target from $47 to $51, while the company has a consensus price target of $53.94.

Y Intercept Hong Kong Ltd reduced its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 69.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,308 shares of the company's stock after selling 25,727 shares during the period. Y Intercept Hong Kong Ltd's holdings in Ovintiv were worth $484,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of OVV. American Century Companies Inc. grew its holdings in Ovintiv by 11.0% during the 4th quarter. American Century Companies Inc. now owns 488,182 shares of the company's stock worth $19,771,000 after acquiring an additional 48,308 shares during the period. Sei Investments Co. boosted its position in shares of Ovintiv by 419.4% during the 4th quarter. Sei Investments Co. now owns 237,693 shares of the company's stock worth $9,627,000 after purchasing an additional 191,929 shares in the last quarter. LPL Financial LLC boosted its position in shares of Ovintiv by 17.8% during the 4th quarter. LPL Financial LLC now owns 89,492 shares of the company's stock worth $3,624,000 after purchasing an additional 13,554 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Ovintiv by 13.9% during the 4th quarter. Prudential Financial Inc. now owns 195,814 shares of the company's stock worth $7,930,000 after purchasing an additional 23,904 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Ovintiv by 19.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock worth $8,768,000 after purchasing an additional 34,207 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Performance

Shares of OVV stock traded up $1.45 during trading hours on Monday, hitting $42.88. 4,615,526 shares of the company were exchanged, compared to its average volume of 3,073,338. The firm has a fifty day simple moving average of $39.17 and a 200 day simple moving average of $39.58. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $48.35. The stock has a market capitalization of $11.14 billion, a price-to-earnings ratio of 18.97, a P/E/G ratio of 2.31 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. The company had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.92 billion. Research analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.80%. Ovintiv's payout ratio is currently 53.10%.

Wall Street Analyst Weigh In

OVV has been the topic of a number of research analyst reports. Mizuho cut their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Barclays increased their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and raised their price target for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. Citigroup set a $54.00 price target on shares of Ovintiv and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Finally, Scotiabank raised their price target on shares of Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $53.94.

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.