Hsbc Holdings PLC Trims Stake in Ovintiv Inc. (NYSE:OVV)

Hsbc Holdings PLC lessened its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 37.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 226,455 shares of the company's stock after selling 137,541 shares during the quarter. Hsbc Holdings PLC owned approximately 0.09% of Ovintiv worth $9,167,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB grew its holdings in 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 purchasing an additional 360 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after acquiring an additional 335 shares during the period. Mizuho Bank Ltd. purchased a new stake in Ovintiv in the 4th quarter worth approximately $40,000. Cullen Frost Bankers Inc. increased its holdings in Ovintiv by 3,571.4% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock worth $42,000 after acquiring an additional 1,000 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in Ovintiv by 451.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company's stock worth $46,000 after acquiring an additional 940 shares during the period. Institutional investors own 83.81% of the company's stock.

Ovintiv Trading Down 2.9 %

OVV stock traded down $1.01 during midday trading on Wednesday, reaching $33.55. 2,998,815 shares of the company traded hands, compared to its average volume of 3,190,632. The firm has a market capitalization of $8.74 billion, a price-to-earnings ratio of 4.45 and a beta of 2.04. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The business has a 50 day moving average of $38.19 and a 200-day moving average of $40.96. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $52.90.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 3.58%. Ovintiv's dividend payout ratio is presently 28.57%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on OVV shares. Williams Trading set a $58.00 price objective on shares of Ovintiv in a research note on Wednesday, March 5th. Truist Financial increased their price target on Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Morgan Stanley reissued an "overweight" rating and set a $50.00 price target on shares of Ovintiv in a report on Tuesday, April 15th. Barclays dropped their price objective on Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Finally, BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $55.00 to $57.00 in a research note on Monday, March 24th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $55.76.

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.