Pacer Advisors Inc. decreased its stake in Ovintiv Inc. (NYSE:OVV – Free Report) by 97.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,617 shares of the company’s stock after selling 1,485,853 shares during the quarter. Pacer Advisors Inc.’s holdings in Ovintiv were worth $1,936,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the stock. AQR Capital Management LLC lifted its position in shares of Ovintiv by 263.8% during the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after buying an additional 3,589,030 shares in the last quarter. Millennium Management LLC increased its holdings in Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after acquiring an additional 3,060,691 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Ovintiv by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after acquiring an additional 1,669,469 shares during the period. Goldentree Asset Management LP bought a new stake in Ovintiv during the 4th quarter worth approximately $61,528,000. Finally, Freestone Grove Partners LP lifted its holdings in Ovintiv by 79.9% during the fourth quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company’s stock valued at $120,506,000 after purchasing an additional 1,365,535 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.
Ovintiv Trading Down 0.8%
Shares of Ovintiv stock opened at $59.37 on Friday. The firm has a market cap of $16.36 billion, a price-to-earnings ratio of 16.77 and a beta of 0.53. The business has a 50-day moving average price of $56.84 and a 200-day moving average price of $54.61. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv Inc. has a twelve month low of $35.47 and a twelve month high of $64.61.
Ovintiv Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s dividend payout ratio is 33.90%.
Analysts Set New Price Targets
A number of equities analysts have weighed in on OVV shares. Wall Street Zen upgraded shares of Ovintiv from a “hold” rating to a “buy” rating in a research report on Saturday, July 25th. Stephens restated a “positive” rating and set a $69.00 target price on shares of Ovintiv in a research note on Friday, July 24th. Roth Capital upped their target price on shares of Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Wednesday, June 24th. Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday, May 20th. Finally, Citigroup boosted their price objective on Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.89.
Get Our Latest Stock Report on OVV
Ovintiv Company Profile
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.
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