Gateway Investment Advisers LLC Trims Stock Position in Ovintiv Inc. $OVV

Gateway Investment Advisers LLC cut its holdings in Ovintiv Inc. (NYSE:OVV) by 50.7% during the third quarter, HoldingsChannel reports. The fund owned 15,665 shares of the company’s stock after selling 16,115 shares during the period. Gateway Investment Advisers LLC’s holdings in Ovintiv were worth $633,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. IFP Advisors Inc lifted its stake in shares of 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 purchasing an additional 643 shares during the last quarter. Dogwood Wealth Management LLC acquired a new stake in shares of Ovintiv during the 2nd quarter worth about $35,000. HM Payson & Co. purchased a new stake in Ovintiv in the 3rd quarter valued at about $36,000. MAI Capital Management lifted its position in Ovintiv by 174.6% in the second quarter. MAI Capital Management now owns 1,170 shares of the company’s stock valued at $45,000 after buying an additional 744 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in Ovintiv by 126.2% during the second quarter. Allworth Financial LP now owns 1,624 shares of the company’s stock worth $62,000 after buying an additional 906 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Insider Buying and Selling at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the sale, the chief operating officer owned 105,867 shares of the company’s stock, valued at $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.70% of the company’s stock.

Ovintiv Stock Performance

NYSE:OVV opened at $38.79 on Tuesday. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $46.35. The company has a fifty day simple moving average of $39.10 and a two-hundred day simple moving average of $39.74. 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 company has a market cap of $9.82 billion, a price-to-earnings ratio of 42.62, a price-to-earnings-growth ratio of 1.94 and a beta of 0.76.

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

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.1%. Ovintiv’s payout ratio is currently 131.87%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Citigroup reduced their price target on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a research report on Monday, December 29th. William Blair assumed coverage on Ovintiv in a research note on Wednesday, November 26th. They set an “outperform” rating and a $50.00 price target on the stock. UBS Group lifted their price objective on Ovintiv from $54.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Finally, Royal Bank Of Canada set a $55.00 target price on Ovintiv and gave the stock an “outperform” rating in a research note on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.89.

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.