Balyasny Asset Management L.P. Sells 9,209 Shares of Ovintiv Inc. (NYSE:OVV)

Balyasny Asset Management L.P. trimmed its holdings in Ovintiv Inc. (NYSE:OVV) by 37.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,506 shares of the company’s stock after selling 9,209 shares during the quarter. Balyasny Asset Management L.P.’s holdings in Ovintiv were worth $628,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OVV. Arrowstreet Capital Limited Partnership boosted its position in shares of Ovintiv by 1,732.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock valued at $137,134,000 after acquiring an additional 3,203,087 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Ovintiv by 1,577.4% during the 4th 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. boosted its position in shares of Ovintiv by 243.6% during the 4th 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 boosted its position in shares of Ovintiv by 69.7% during the 4th 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 4th quarter valued at approximately $54,086,000. 83.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. National Bankshares increased their target price on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Scotiabank upgraded Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. Mizuho decreased their price target on Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Tuesday. Barclays decreased their price target on Ovintiv from $59.00 to $53.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Finally, Williams Trading set a $58.00 price target on Ovintiv in a report on Wednesday, March 5th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $55.65.

Ovintiv Stock Down 3.5%

NYSE:OVV opened at $37.63 on Friday. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $51.72. The company has a market cap of $9.78 billion, a price-to-earnings ratio of 4.99 and a beta of 1.14. The stock has a fifty day simple moving average of $37.05 and a 200-day simple moving average of $40.58. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.22. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. Analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.19%. Ovintiv’s dividend payout ratio is currently 51.06%.

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.