Moore Capital Management LP Decreases Holdings in Ovintiv Inc. $OVV

Moore Capital Management LP lowered its position in Ovintiv Inc. (NYSE:OVV) by 52.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 50,600 shares of the company’s stock after selling 56,696 shares during the period. Moore Capital Management LP’s holdings in Ovintiv were worth $2,664,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. UBS Group AG boosted its stake in shares of Ovintiv by 8.3% during the 4th quarter. UBS Group AG now owns 997,177 shares of the company’s stock worth $39,079,000 after acquiring an additional 76,846 shares during the last quarter. Hillsdale Investment Management Inc. increased 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 worth $7,373,000 after purchasing an additional 142,800 shares in the last quarter. Intech Investment Management LLC bought a new position in Ovintiv in the 4th quarter worth $5,045,000. Pacific Heights Asset Management LLC raised its holdings in Ovintiv by 23.7% in the 4th quarter. Pacific Heights Asset Management LLC now owns 600,000 shares of the company’s stock worth $23,514,000 after purchasing an additional 115,000 shares during the period. Finally, PensionDanmark Pensionsforsikringsaktieselskab purchased a new position in Ovintiv during the second quarter valued at $4,738,000. Institutional investors own 83.81% of the company’s stock.

Insider Transactions at Ovintiv

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.85% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on OVV. Wells Fargo & Company reduced their price target on Ovintiv from $80.00 to $78.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Royal Bank Of Canada boosted their price objective on Ovintiv from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Truist Financial restated a “buy” rating and set a $73.00 target price (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. Zacks Research downgraded shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Finally, Stephens reiterated a “positive” rating and issued a $69.00 price target on shares of Ovintiv in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus price target of $66.89.

Ovintiv Stock Performance

NYSE OVV opened at $65.75 on Tuesday. The business has a 50 day simple moving average of $59.54 and a two-hundred day simple moving average of $57.11. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $67.44. The stock has a market capitalization of $18.11 billion, a PE ratio of 18.57 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. On average, research analysts predict that Ovintiv Inc. will post 7.09 EPS for the current fiscal year.

Ovintiv Announces Dividend

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

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.