Ovintiv Inc. (NYSE:OVV) Shares Sold by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lowered its stake in shares of Ovintiv Inc. (NYSE:OVV) by 5.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,000 shares of the company’s stock after selling 2,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Ovintiv were worth $1,537,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OVV. Vanguard Group Inc. grew its position in shares of Ovintiv by 10.1% during the third quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock worth $1,285,816,000 after acquiring an additional 2,484,554 shares during the last quarter. BlackRock Inc. grew its position in Ovintiv by 52.6% in the 2nd quarter. BlackRock Inc. now owns 26,756,052 shares of the company’s stock valued at $1,018,603,000 after buying an additional 9,221,114 shares during the last quarter. FMR LLC grew its position in Ovintiv by 2.3% in the 3rd quarter. FMR LLC now owns 22,877,626 shares of the company’s stock valued at $1,088,289,000 after buying an additional 507,562 shares during the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Ovintiv during the 2nd quarter worth $559,852,000. Finally, EnCap Energy Capital Fund X L.P. purchased a new stake in shares of Ovintiv during the 2nd quarter worth $380,527,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Performance

Shares of NYSE OVV traded up $0.16 during trading hours on Wednesday, reaching $51.36. 2,980,402 shares of the stock were exchanged, compared to its average volume of 3,239,298. The firm has a market capitalization of $13.81 billion, a price-to-earnings ratio of 6.51 and a beta of 2.66. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.60 and a current ratio of 0.60. Ovintiv Inc. has a 52 week low of $32.07 and a 52 week high of $52.09. The stock’s fifty day simple moving average is $45.90 and its 200 day simple moving average is $45.60.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.41. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. Sell-side analysts predict that Ovintiv Inc. will post 5.95 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Friday, March 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.34%. Ovintiv’s payout ratio is presently 15.21%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on OVV. Wells Fargo & Company cut their price target on Ovintiv from $46.00 to $44.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 17th. UBS Group lowered their price target on Ovintiv from $63.00 to $57.00 and set a “buy” rating for the company in a report on Thursday, December 14th. Royal Bank of Canada lifted their price target on Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a report on Thursday, February 29th. National Bankshares lowered their price target on Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, January 10th. Finally, The Goldman Sachs Group boosted their target price on Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a report on Tuesday. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.94.

Insider Activity at Ovintiv

In related news, EVP Rachel Maureen Moore sold 9,300 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $50.65, for a total value of $471,045.00. Following the transaction, the executive vice president now owns 52,557 shares in the company, valued at $2,662,012.05. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Rachel Maureen Moore sold 9,300 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.65, for a total value of $471,045.00. Following the transaction, the executive vice president now owns 52,557 shares of the company’s stock, valued at $2,662,012.05. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Howard John Mayson sold 6,000 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the transaction, the director now directly owns 36,840 shares in the company, valued at approximately $1,862,630.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 91,564 shares of company stock worth $4,660,818. Insiders own 0.91% of the company’s stock.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.