Bessemer Group Inc. Sells 47,329 Shares of Ovintiv Inc. (NYSE:OVV)

Bessemer Group Inc. cut its holdings in Ovintiv Inc. (NYSE:OVV) by 67.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,724 shares of the company’s stock after selling 47,329 shares during the period. Bessemer Group Inc.’s holdings in Ovintiv were worth $973,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in OVV. Arrowstreet Capital Limited Partnership lifted its stake in Ovintiv by 1,732.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock worth $137,134,000 after purchasing an additional 3,203,087 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Ovintiv by 1,577.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company’s stock valued at $99,587,000 after acquiring an additional 2,312,292 shares during the last quarter. Alyeska Investment Group L.P. raised its stake in shares of Ovintiv by 243.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company’s stock valued at $103,870,000 after acquiring an additional 1,818,337 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Ovintiv by 69.7% during the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company’s stock valued at $132,992,000 after acquiring an additional 1,348,221 shares during the last quarter. Finally, Webs Creek Capital Management LP bought a new position in shares of Ovintiv during the fourth quarter valued at about $54,086,000. 83.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Wells Fargo & Company lowered their price objective on shares of Ovintiv from $46.00 to $41.00 and set an “equal weight” rating for the company in a research note on Monday, June 16th. Williams Trading set a $58.00 price objective on shares of Ovintiv in a research note on Wednesday, March 5th. Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th. Mizuho lowered their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $50.00 price objective on shares of Ovintiv in a research note on Tuesday, April 15th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv has a consensus rating of “Buy” and an average target price of $54.69.

Ovintiv Price Performance

Shares of NYSE OVV opened at $38.12 on Tuesday. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.43 and a quick ratio of 0.43. The company’s 50-day moving average is $37.28 and its 200 day moving average is $39.54. The stock has a market capitalization of $9.90 billion, a P/E ratio of 16.22, a P/E/G ratio of 2.09 and a beta of 1.09.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.22. The company had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.23 billion. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. On average, sell-side analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date was Friday, June 13th. Ovintiv’s dividend payout ratio (DPR) is presently 51.06%.

Ovintiv Profile

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.