Y Intercept Hong Kong Ltd Decreases 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 lowered its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 69.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 hedge funds have also modified their holdings of the stock. Concurrent Investment Advisors LLC grew its stake in Ovintiv by 5.6% in the first quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock valued at $239,000 after purchasing an additional 297 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Ovintiv by 0.4% in the fourth quarter. Bessemer Group Inc. now owns 70,053 shares of the company's stock worth $2,837,000 after buying an additional 310 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Ovintiv by 16.9% in the first quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock worth $124,000 after buying an additional 417 shares during the last quarter. Crossmark Global Holdings Inc. lifted its position in shares of Ovintiv by 0.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock worth $2,962,000 after purchasing an additional 420 shares during the last quarter. Finally, Kestra Private Wealth Services LLC lifted its position in shares of Ovintiv by 9.2% during the 1st quarter. Kestra Private Wealth Services LLC now owns 5,737 shares of the company's stock worth $246,000 after purchasing an additional 482 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Performance

Shares of Ovintiv stock traded down $1.09 during mid-day trading on Thursday, hitting $41.18. 502,716 shares of the stock were exchanged, compared to its average volume of 3,600,770. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $48.35. The company has a 50-day simple moving average of $39.42 and a 200 day simple moving average of $39.62. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The company has a market capitalization of $10.58 billion, a P/E ratio of 18.22, a P/E/G ratio of 5.18 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. Sell-side analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Monday, September 15th. Ovintiv's dividend payout ratio is currently 53.10%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on OVV shares. Wells Fargo & Company cut their price target on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. Citigroup set a $54.00 target price on Ovintiv and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Scotiabank increased their target price on Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a report on Friday, July 11th. The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and increased their target price for the stock from $47.00 to $51.00 in a report on Tuesday, July 1st. Finally, 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. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Ovintiv currently has an average rating of "Buy" and a consensus 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.