Rafferty Asset Management LLC Decreases Position in Ovintiv Inc. $OVV

Rafferty Asset Management LLC decreased its stake in Ovintiv Inc. (NYSE:OVV) by 23.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 106,245 shares of the company’s stock after selling 33,115 shares during the quarter. Rafferty Asset Management LLC’s holdings in Ovintiv were worth $4,290,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Harvest Portfolios Group Inc. lifted its position in Ovintiv by 1.2% in the third quarter. Harvest Portfolios Group Inc. now owns 44,135 shares of the company’s stock worth $1,782,000 after buying an additional 506 shares during the last quarter. US Bancorp DE increased its position in Ovintiv by 8.2% during the third quarter. US Bancorp DE now owns 12,697 shares of the company’s stock valued at $513,000 after acquiring an additional 960 shares during the last quarter. Waddell & Associates LLC purchased a new stake in shares of Ovintiv in the third quarter valued at $239,000. Compound Planning Inc. lifted its holdings in shares of Ovintiv by 23.5% in the 3rd quarter. Compound Planning Inc. now owns 6,587 shares of the company’s stock worth $266,000 after acquiring an additional 1,255 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Ovintiv by 104.8% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 6,755 shares of the company’s stock worth $273,000 after acquiring an additional 3,457 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

Shares of NYSE:OVV opened at $51.74 on Wednesday. The firm’s 50 day simple moving average is $43.44 and its 200-day simple moving average is $41.02. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. Ovintiv Inc. has a one year low of $29.80 and a one year high of $53.21. The firm has a market cap of $14.66 billion, a PE ratio of 10.69, a price-to-earnings-growth ratio of 2.82 and a beta of 0.69.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.41. The company had revenue of $1.89 billion for 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 quarter in the prior year, the firm earned ($0.23) earnings per share. As a group, equities analysts predict that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.3%. Ovintiv’s dividend payout ratio is presently 24.79%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on OVV shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $55.00 price target on shares of Ovintiv in a report on Thursday, February 19th. Evercore reaffirmed an “outperform” rating and set a $47.00 target price on shares of Ovintiv in a research note on Thursday, November 6th. National Bank Financial increased their price target on Ovintiv from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, February 25th. Barclays raised their price target on Ovintiv from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 25th. Finally, Wells Fargo & Company upped their price objective on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 18th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.72.

Insider Activity at Ovintiv

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

About Ovintiv

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.