Hsbc Holdings PLC Has $6.80 Million Stock Position in Ovintiv Inc. $OVV

Hsbc Holdings PLC grew its stake in Ovintiv Inc. (NYSE:OVV) by 2,336.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 128,462 shares of the company’s stock after purchasing an additional 123,190 shares during the period. Hsbc Holdings PLC’s holdings in Ovintiv were worth $6,805,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Man Group plc acquired a new position in Ovintiv during the second quarter worth $936,000. Hillsdale Investment Management Inc. boosted its stake in shares of Ovintiv by 317.3% in the 4th quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company’s stock valued at $7,373,000 after purchasing an additional 142,800 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of Ovintiv in the 4th quarter valued at $5,045,000. Pacific Heights Asset Management LLC boosted its stake in shares of Ovintiv by 23.7% in the 4th quarter. Pacific Heights Asset Management LLC now owns 600,000 shares of the company’s stock valued at $23,514,000 after purchasing an additional 115,000 shares in the last quarter. Finally, PensionDanmark Pensionsforsikringsaktieselskab bought a new stake in shares of Ovintiv in the 2nd quarter worth about $4,738,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Up 0.5%

NYSE:OVV opened at $64.43 on Thursday. The stock’s fifty day moving average price is $61.24 and its two-hundred day moving average price is $57.98. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $67.51. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $17.75 billion, a price-to-earnings ratio of 18.20 and a beta of 0.53.

Ovintiv (NYSE:OVV) last released its earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. On average, analysts anticipate that Ovintiv Inc. will post 7.3 EPS for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 annualized dividend and a yield of 1.9%. Ovintiv’s dividend payout ratio (DPR) is currently 33.90%.

Insider Transactions at Ovintiv

In related news, EVP Rachel Moore sold 7,753 shares of Ovintiv stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.85% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on OVV shares. Scotiabank upgraded shares of Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Zacks Research lowered shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Royal Bank Of Canada raised their price objective on shares of Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Truist Financial reiterated a “buy” rating and issued a $73.00 target price (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. Finally, Mizuho boosted their target price 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 given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and an average price target of $68.20.

Ovintiv Profile

Ovintiv Inc is an independent North American energy company engaged primarily in the exploration, development, production and acquisition of oil, condensate, natural gas liquids and natural gas. Its portfolio is focused on unconventional, or shale, resource plays, with operations designed to produce a mix of higher-value liquids and natural gas.

The company’s principal assets are located in the United States and Canada. Its U.S. operations include positions in the Permian Basin of west Texas and New Mexico, the Uinta Basin of Utah and the Anadarko Basin of Oklahoma, while its Canadian operations include properties in Alberta’s Montney and Duvernay formations.