Kingsview Wealth Management LLC Sells 112,807 Shares of Ovintiv Inc. $OVV

Kingsview Wealth Management LLC trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 33.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 222,234 shares of the company’s stock after selling 112,807 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Ovintiv were worth $8,709,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. AQR Capital Management LLC boosted its position in Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after purchasing an additional 3,589,030 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Ovintiv by 25.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock valued at $379,165,000 after purchasing an additional 1,927,193 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Ovintiv during the 2nd quarter worth $41,701,000. Two Sigma Investments LP raised its stake in shares of Ovintiv by 1,393.1% during the 3rd quarter. Two Sigma Investments LP now owns 760,924 shares of the company’s stock worth $30,726,000 after purchasing an additional 709,962 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Ovintiv by 12.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,888,500 shares of the company’s stock worth $237,747,000 after buying an additional 649,819 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the transaction, the executive vice president directly owned 54,092 shares of the company’s stock, valued at $2,963,159.76. This trade represents a 17.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the completion of the transaction, the director owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.85% of the company’s stock.

Ovintiv Price Performance

NYSE OVV opened at $55.85 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. The company has a market cap of $15.70 billion, a PE ratio of 18.02 and a beta of 0.57. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $63.46. The firm’s 50-day simple moving average is $58.01 and its two-hundred day simple moving average is $48.46.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.15. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. Research analysts predict that Ovintiv Inc. will post 8.5 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Monday, June 15th. Ovintiv’s payout ratio is currently 38.71%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on OVV shares. The Goldman Sachs Group raised their price objective on shares of Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Barclays boosted their target price on shares of Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday. UBS Group reduced their target price on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating for the company in a research report on Thursday, April 9th. Weiss Ratings lowered shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a research note on Tuesday, May 12th. Finally, Wells Fargo & Company lifted their price target on shares of Ovintiv from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus price target of $63.00.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.