Renaissance Technologies LLC Sells 94,600 Shares of Ovintiv Inc. $OVV

Renaissance Technologies LLC decreased its stake in shares of Ovintiv Inc. (NYSE:OVV) by 48.9% during the 1st quarter, Holdings Channel reports. The institutional investor owned 98,728 shares of the company’s stock after selling 94,600 shares during the period. Renaissance Technologies LLC’s holdings in Ovintiv were worth $5,860,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. Integrated Wealth Concepts LLC boosted its holdings in Ovintiv by 70.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after acquiring an additional 3,788 shares during the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of Ovintiv in the first quarter valued at about $202,000. Focus Partners Wealth lifted its position in shares of Ovintiv by 49.3% during the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after purchasing an additional 6,364 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Ovintiv by 47.5% during the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after purchasing an additional 589 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Ovintiv by 103.2% during the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock worth $126,000 after purchasing an additional 1,675 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

Shares of OVV stock opened at $57.85 on Thursday. The firm has a market cap of $15.94 billion, a price-to-earnings ratio of 16.34 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $64.61. The firm’s 50-day simple moving average is $56.69 and its two-hundred day simple moving average is $54.43.

Ovintiv (NYSE:OVV) last released its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The company had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. As a group, equities analysts forecast that Ovintiv Inc. will post 6.87 earnings per share for the current year.

Ovintiv Announces Dividend

The company 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 is Tuesday, September 15th. This represents a $1.20 annualized dividend and a yield of 2.1%. Ovintiv’s dividend payout ratio is presently 33.90%.

Wall Street Analyst Weigh In

OVV has been the subject of several analyst reports. Stephens reiterated a “positive” rating and issued a $69.00 price objective on shares of Ovintiv in a research note on Friday, July 24th. Wells Fargo & Company upgraded Ovintiv from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $57.00 to $80.00 in a research note on Monday, June 22nd. Citigroup upped their target price on Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Weiss Ratings raised Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Finally, Mizuho lifted their price target on Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average 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.