Yousif Capital Management LLC Lowers Stake in Ovintiv Inc. (NYSE:OVV)

Yousif Capital Management LLC trimmed its holdings in Ovintiv Inc. (NYSE:OVV) by 7.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 96,942 shares of the company’s stock after selling 7,494 shares during the quarter. Yousif Capital Management LLC’s holdings in Ovintiv were worth $3,926,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Raymond James & Associates increased its position in Ovintiv by 1.2% in the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock valued at $7,529,000 after acquiring an additional 2,275 shares during the period. Franklin Resources Inc. grew its stake in shares of Ovintiv by 16.0% in the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after purchasing an additional 37,341 shares during the last quarter. Smead Capital Management Inc. grew its stake in shares of Ovintiv by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock valued at $241,476,000 after purchasing an additional 212,535 shares during the last quarter. Retirement Systems of Alabama increased its holdings in shares of Ovintiv by 4.4% in the third quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock valued at $12,288,000 after purchasing an additional 13,536 shares during the period. Finally, Entropy Technologies LP raised its stake in shares of Ovintiv by 319.9% during the third quarter. Entropy Technologies LP now owns 149,457 shares of the company’s stock worth $5,726,000 after purchasing an additional 113,866 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Barclays lifted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Scotiabank boosted their price target on shares of Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research note on Monday, November 18th. Mizuho reduced their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Citigroup dropped their target price on Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Finally, Truist Financial lifted their price target on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $56.88.

Ovintiv Price Performance

Shares of NYSE OVV opened at $42.53 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company’s 50-day moving average price is $42.23 and its 200 day moving average price is $42.17. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95. The stock has a market cap of $11.07 billion, a price-to-earnings ratio of 5.64 and a beta of 2.60.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.09 by $0.76. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The business had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same period in the prior year, the business earned $1.74 earnings per share. As a group, research analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

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.