Polianta Ltd Sells 10,000 Shares of Ovintiv Inc. $OVV

Polianta Ltd trimmed its holdings in Ovintiv Inc. (NYSE:OVV) by 26.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,200 shares of the company’s stock after selling 10,000 shares during the period. Ovintiv comprises about 0.2% of Polianta Ltd’s investment portfolio, making the stock its 21st largest holding. Polianta Ltd’s holdings in Ovintiv were worth $1,673,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OVV. Dimensional Fund Advisors LP raised its position in shares of Ovintiv by 17.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after purchasing an additional 1,669,469 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Ovintiv by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock valued at $387,601,000 after purchasing an additional 203,256 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Ovintiv by 14.5% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock valued at $264,281,000 after purchasing an additional 855,043 shares during the period. Millennium Management LLC increased its stake in Ovintiv by 116.3% during the 4th 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 in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in Ovintiv by 13.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock worth $214,060,000 after purchasing an additional 650,000 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Trading Down 0.2%

Shares of Ovintiv stock opened at $52.32 on Friday. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $63.46. The stock has a market cap of $14.70 billion, a P/E ratio of 16.88 and a beta of 0.53. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. The business’s 50 day moving average is $57.18 and its 200-day moving average is $50.30.

Ovintiv (NYSE:OVV) last released its earnings results on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.15. The business had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. Equities research analysts predict that Ovintiv Inc. will post 8.17 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.30 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.3%. Ovintiv’s dividend payout ratio (DPR) is currently 38.71%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Wall Street Zen lowered shares of Ovintiv from a “buy” rating to a “hold” rating in a research note on Sunday, June 14th. Truist Financial dropped their price objective on shares of Ovintiv from $72.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, May 13th. Barclays boosted their price objective on shares of Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. UBS Group reduced their target price on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday, April 9th. Finally, JPMorgan Chase & Co. initiated coverage on Ovintiv in a report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 target price for the company. Fourteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $63.00.

About Ovintiv

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.