Pallas Capital Advisors LLC Has $341,000 Holdings in Ovintiv Inc. $OVV

Pallas Capital Advisors LLC cut its position in shares of Ovintiv Inc. (NYSE:OVV) by 59.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,712 shares of the company’s stock after selling 12,528 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Ovintiv were worth $341,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital Investment Advisors LLC lifted its position in shares of Ovintiv by 9.6% in the 4th quarter. Capital Investment Advisors LLC now owns 7,338 shares of the company’s stock valued at $288,000 after acquiring an additional 642 shares in the last quarter. Fiduciary Financial Group LLC grew its position in Ovintiv by 3.2% during the 4th quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock worth $371,000 after purchasing an additional 297 shares in the last quarter. DAVENPORT & Co LLC grew its position in Ovintiv by 60.1% during the 4th quarter. DAVENPORT & Co LLC now owns 29,424 shares of the company’s stock worth $1,153,000 after purchasing an additional 11,045 shares in the last quarter. Allworth Financial LP raised its stake in Ovintiv by 211.9% during the 3rd quarter. Allworth Financial LP now owns 5,065 shares of the company’s stock valued at $205,000 after purchasing an additional 3,441 shares during the period. Finally, IFP Advisors Inc raised its stake in Ovintiv by 58.4% during the 3rd quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock valued at $54,000 after purchasing an additional 494 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Trading Down 2.1%

Shares of NYSE:OVV opened at $59.36 on Wednesday. The firm has a fifty day moving average of $50.41 and a two-hundred day moving average of $43.16. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $62.60. The firm has a market capitalization of $16.82 billion, a P/E ratio of 12.27, a price-to-earnings-growth ratio of 2.18 and a beta of 0.69.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the business posted ($0.23) earnings per share. On average, equities analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a $0.30 dividend. The ex-dividend date was Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.0%. Ovintiv’s payout ratio is 24.79%.

Wall Street Analysts Forecast Growth

OVV has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on Ovintiv from $42.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 19th. Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a research report on Monday, December 29th. Stephens raised Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. Zacks Research upgraded Ovintiv from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 3rd. Finally, Morgan Stanley started coverage on Ovintiv in a research note on Friday, March 27th. They set an “equal weight” rating and a $68.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $58.67.

Insider Activity

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the transaction, the director directly owned 45,780 shares of the company’s stock, valued at $2,398,414.20. This represents a 9.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the firm’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $54.78, for a total value of $634,461.96. Following the sale, the executive vice president directly owned 54,092 shares of the company’s stock, valued at $2,963,159.76. This trade represents a 17.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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.