Hsbc Holdings PLC Sells 236,770 Shares of Ovintiv Inc. $OVV

Hsbc Holdings PLC decreased its holdings in Ovintiv Inc. (NYSE:OVV) by 97.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,272 shares of the company’s stock after selling 236,770 shares during the quarter. Hsbc Holdings PLC’s holdings in Ovintiv were worth $313,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC grew its position in shares of Ovintiv by 263.8% during the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after purchasing an additional 3,589,030 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Ovintiv by 116.3% during the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Ovintiv by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after buying an additional 1,669,469 shares in the last quarter. Goldentree Asset Management LP acquired a new stake in shares of Ovintiv in the fourth quarter valued at approximately $61,528,000. Finally, Freestone Grove Partners LP boosted its stake in shares of Ovintiv by 79.9% in the fourth quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company’s stock valued at $120,506,000 after buying an additional 1,365,535 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Down 0.1%

NYSE OVV opened at $62.40 on Monday. The business has a fifty day moving average price of $56.50 and a two-hundred day moving average price of $54.00. The stock has a market capitalization of $17.19 billion, a PE ratio of 17.63 and a beta of 0.53. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $64.61. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Equities analysts expect that Ovintiv Inc. will post 6.87 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 annualized dividend and a yield of 1.9%. Ovintiv’s dividend payout ratio (DPR) is 33.90%.

Analyst Ratings Changes

OVV has been the topic of a number of analyst reports. Mizuho increased their price target on Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Wells Fargo & Company raised Ovintiv from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $57.00 to $80.00 in a report on Monday, June 22nd. Barclays upped their target price on Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Truist Financial restated a “buy” rating and issued a $73.00 price target (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. Finally, Citigroup raised their price target on Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.89.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.