Victory Capital Management Inc. Has $42.26 Million Position in Ovintiv Inc. $OVV

Victory Capital Management Inc. lessened its holdings in Ovintiv Inc. (NYSE:OVV) by 32.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,046,631 shares of the company’s stock after selling 505,298 shares during the quarter. Victory Capital Management Inc.’s holdings in Ovintiv were worth $42,263,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC grew its stake in shares of Ovintiv by 70.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after purchasing an additional 3,788 shares during the last quarter. Great Lakes Advisors LLC bought a new position in Ovintiv during the 1st quarter worth $202,000. Focus Partners Wealth raised its position in Ovintiv by 49.3% during the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after purchasing an additional 6,364 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in Ovintiv by 47.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after buying an additional 589 shares during the period. Finally, Harvest Portfolios Group Inc. lifted its holdings in Ovintiv by 7.9% during the 2nd quarter. Harvest Portfolios Group Inc. now owns 43,629 shares of the company’s stock worth $1,660,000 after buying an additional 3,202 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Performance

NYSE:OVV opened at $52.25 on Friday. 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 twelve month low of $29.80 and a twelve month high of $53.31. The company has a fifty day moving average of $44.29 and a 200-day moving average of $41.28. The firm has a market capitalization of $14.80 billion, a P/E ratio of 10.80, a P/E/G ratio of 2.83 and a beta of 0.69.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Monday, February 23rd. The company reported $1.39 EPS 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 during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the company posted ($0.23) earnings per share. As a group, sell-side analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

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

Insider Buying and Selling

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction that occurred on 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 transaction, the chief operating officer owned 105,867 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the completion of the sale, the director directly owned 45,780 shares of the company’s stock, valued at $2,398,414.20. This trade represents a 9.85% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on OVV. Jefferies Financial Group reissued a “buy” rating and issued a $54.00 price target on shares of Ovintiv in a research note on Saturday, January 17th. Roth Mkm upped their target price on Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, February 24th. Scotiabank raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. William Blair started coverage on shares of Ovintiv in a report on Wednesday, November 26th. They set an “outperform” rating and a $50.00 price target for the company. Finally, Wells Fargo & Company boosted their price target on shares of Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.88.

Ovintiv Profile

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.