QRG Capital Management Inc. Reduces Holdings in Ovintiv Inc. $OVV

QRG Capital Management Inc. reduced its position in shares of Ovintiv Inc. (NYSE:OVV) by 78.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,514 shares of the company’s stock after selling 45,492 shares during the period. QRG Capital Management Inc.’s holdings in Ovintiv were worth $505,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. McIlrath & Eck LLC acquired a new stake in Ovintiv during the 3rd quarter valued at $31,000. IFP Advisors Inc boosted its position in Ovintiv by 316.7% in the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock valued at $32,000 after buying an additional 643 shares during the last quarter. Dogwood Wealth Management LLC purchased a new position in Ovintiv in the 2nd quarter valued at about $35,000. HM Payson & Co. acquired a new stake in shares of Ovintiv during the third quarter valued at about $36,000. Finally, Quent Capital LLC acquired a new stake in shares of Ovintiv during the third quarter valued at about $37,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on OVV shares. National Bankshares reduced their price target on Ovintiv from $66.00 to $62.00 and set an “outperform” rating for the company in a report on Wednesday, October 22nd. Scotiabank lifted their price objective on Ovintiv from $51.00 to $58.00 and gave the stock a “hold” rating in a report on Tuesday. Roth Mkm assumed coverage on Ovintiv in a research report on Monday, October 13th. They issued a “neutral” rating and a $42.00 target price on the stock. Zacks Research upgraded Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. Finally, Evercore ISI reissued an “outperform” rating and set a $47.00 price target on shares of Ovintiv in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.82.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction on Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the sale, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. This represents a 32.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.70% of the company’s stock.

Ovintiv Trading Down 0.2%

Shares of NYSE OVV opened at $40.72 on Friday. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The stock’s 50 day moving average price is $39.51 and its two-hundred day moving average price is $39.74. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $46.35. The stock has a market capitalization of $10.31 billion, a P/E ratio of 44.75, a PEG ratio of 2.41 and a beta of 0.76.

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

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were paid a dividend of $0.30 per share. The ex-dividend date was Monday, December 15th. This represents a $1.20 annualized dividend and a yield of 2.9%. Ovintiv’s payout ratio is presently 131.87%.

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.