Ovintiv Inc. $OVV Shares Sold by Corient Private Wealth LLC

Corient Private Wealth LLC reduced its position in shares of Ovintiv Inc. (NYSE:OVV) by 27.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 43,700 shares of the company’s stock after selling 16,153 shares during the period. Corient Private Wealth LLC’s holdings in Ovintiv were worth $1,663,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of OVV. AQR Capital Management LLC increased its stake in shares of Ovintiv by 69.7% in the 1st quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company’s stock valued at $238,513,000 after purchasing an additional 2,288,989 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in Ovintiv by 143.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock valued at $142,278,000 after purchasing an additional 2,205,233 shares during the period. Qube Research & Technologies Ltd purchased a new stake in shares of Ovintiv in the second quarter valued at approximately $41,701,000. Amundi raised its stake in shares of Ovintiv by 86.3% during the 1st quarter. Amundi now owns 2,231,116 shares of the company’s stock worth $87,125,000 after buying an additional 1,033,309 shares during the period. Finally, Arete Wealth Advisors LLC acquired a new position in shares of Ovintiv during the 1st quarter worth approximately $39,147,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Performance

NYSE:OVV opened at $38.03 on Wednesday. The company has a market cap of $9.63 billion, a P/E ratio of 41.79, a P/E/G ratio of 1.65 and a beta of 0.77. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $46.35. The company’s 50-day moving average price is $38.74 and its 200-day moving average price is $39.86. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.43.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%. The company had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $1.86 billion. On average, sell-side analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, December 15th. This represents a $1.20 dividend on an annualized basis and a yield of 3.2%. Ovintiv’s dividend payout ratio (DPR) is presently 131.87%.

Insiders Place Their Bets

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction on Friday, December 12th. The stock was sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the transaction, the chief operating officer owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. The trade was a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.89% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Zacks Research raised shares of Ovintiv from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Morgan Stanley dropped their target price on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 14th. JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $50.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, October 3rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ovintiv in a research note on Monday. Finally, Royal Bank Of Canada set a $55.00 price objective on Ovintiv and gave the stock an “outperform” rating in a report on Wednesday, October 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.89.

Ovintiv 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.