Invenomic Capital Management LP Sells 11,136 Shares of Ovintiv Inc. $OVV

Invenomic Capital Management LP cut its position in Ovintiv Inc. (NYSE:OVV) by 6.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 161,332 shares of the company’s stock after selling 11,136 shares during the quarter. Invenomic Capital Management LP owned approximately 0.06% of Ovintiv worth $6,515,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. McIlrath & Eck LLC bought a new position in shares of Ovintiv in the third quarter worth about $31,000. HM Payson & Co. bought a new position in Ovintiv in the 3rd quarter worth approximately $36,000. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Ovintiv during the third quarter worth approximately $36,000. Quent Capital LLC bought a new stake in shares of Ovintiv in the third quarter valued at approximately $37,000. Finally, MAI Capital Management increased its position in shares of Ovintiv by 174.6% during the second quarter. MAI Capital Management now owns 1,170 shares of the company’s stock valued at $45,000 after purchasing an additional 744 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on OVV shares. William Blair began coverage on Ovintiv in a research report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 target price for the company. National Bank Financial boosted their price target on shares of Ovintiv from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, February 25th. Roth Mkm increased their price objective on shares of Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, February 24th. The Goldman Sachs Group lifted their target price on shares of Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. Finally, Barclays lifted their price objective on Ovintiv from $55.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $53.53.

Insider Activity

In other news, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the sale, the director owned 45,780 shares in the company, valued at $2,398,414.20. The trade was a 9.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.89% of the company’s stock.

Ovintiv Stock Up 0.8%

NYSE:OVV opened at $55.40 on Monday. The stock’s fifty day moving average price is $45.78 and its two-hundred day moving average price is $41.78. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $55.85. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The company has a market cap of $15.70 billion, a price-to-earnings ratio of 11.45, a P/E/G ratio of 3.01 and a beta of 0.69.

Ovintiv (NYSE:OVV) last released its earnings results on Monday, February 23rd. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $0.98 by $0.41. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same period last year, the firm earned ($0.23) EPS. On average, analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.2%. Ovintiv’s dividend payout ratio is presently 24.79%.

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.