Ovintiv Inc. $OVV Shares Sold by Moore Capital Management LP

Moore Capital Management LP lessened its stake in Ovintiv Inc. (NYSE:OVV) by 52.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 50,600 shares of the company’s stock after selling 56,696 shares during the quarter. Moore Capital Management LP’s holdings in Ovintiv were worth $2,664,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. UBS Group AG increased its position in shares of Ovintiv by 8.3% during the fourth quarter. UBS Group AG now owns 997,177 shares of the company’s stock worth $39,079,000 after purchasing an additional 76,846 shares in the last quarter. Hillsdale Investment Management Inc. lifted its position in Ovintiv by 317.3% in the fourth quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company’s stock valued at $7,373,000 after buying an additional 142,800 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Ovintiv during the fourth quarter worth $5,045,000. Pacific Heights Asset Management LLC grew its holdings in shares of Ovintiv by 23.7% in the fourth 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 acquired a new stake in shares of Ovintiv in the second quarter valued at $4,738,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on OVV. Wells Fargo & Company decreased their price target on shares of Ovintiv from $80.00 to $78.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Royal Bank Of Canada raised their price objective on Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Barclays lifted their target price on Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Morgan Stanley set a $67.00 price target on Ovintiv in a research note on Wednesday, August 19th. Finally, National Bank Financial boosted their price objective on Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $66.89.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $65.75 on Tuesday. Ovintiv Inc. has a one year low of $35.47 and a one year high of $67.44. The stock has a market capitalization of $18.11 billion, a price-to-earnings ratio of 18.57 and a beta of 0.53. The company has a 50-day simple moving average of $59.54 and a 200-day simple moving average of $57.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.20). The company 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 predict that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio is 33.90%.

Insider Activity at Ovintiv

In related news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the sale, the executive vice president directly owned 72,530 shares of the company’s stock, 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 is available through this link. 0.85% of the stock is owned by company insiders.

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.