Trexquant Investment LP Trims Stock Position in Ovintiv Inc. (NYSE:OVV)

Trexquant Investment LP reduced its stake in Ovintiv Inc. (NYSE:OVV) by 81.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 122,106 shares of the company’s stock after selling 535,363 shares during the quarter. Trexquant Investment LP’s holdings in Ovintiv were worth $4,945,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Franklin Resources Inc. grew its position in Ovintiv by 62.3% in the 4th quarter. Franklin Resources Inc. now owns 439,769 shares of the company’s stock valued at $17,811,000 after buying an additional 168,801 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Ovintiv by 15.1% in the fourth quarter. Alliancebernstein L.P. now owns 451,875 shares of the company’s stock valued at $18,301,000 after acquiring an additional 59,142 shares in the last quarter. O Shaughnessy Asset Management LLC increased its stake in shares of Ovintiv by 17.9% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 28,212 shares of the company’s stock worth $1,143,000 after acquiring an additional 4,291 shares during the period. Hartree Partners LP acquired a new stake in Ovintiv in the fourth quarter valued at about $4,636,000. Finally, Schroder Investment Management Group boosted its holdings in Ovintiv by 6.0% in the 4th quarter. Schroder Investment Management Group now owns 415,498 shares of the company’s stock valued at $16,828,000 after purchasing an additional 23,340 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Price Performance

Ovintiv stock opened at $32.89 on Friday. The stock has a market capitalization of $8.57 billion, a P/E ratio of 4.36 and a beta of 2.04. Ovintiv Inc. has a 12-month low of $32.63 and a 12-month high of $55.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The firm’s 50-day moving average is $42.11 and its two-hundred day moving average is $41.96.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 3.65%. Ovintiv’s dividend payout ratio (DPR) is presently 28.57%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on OVV shares. Williams Trading set a $58.00 price target on Ovintiv in a research note on Wednesday, March 5th. JPMorgan Chase & Co. decreased their target price on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and cut their price target for the company from $55.00 to $54.00 in a report on Monday, January 13th. Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $57.00 target price on shares of Ovintiv in a report on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $57.17.

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.