Mutual of America Capital Management LLC Decreases Stock Holdings in Ovintiv Inc. $OVV

Mutual of America Capital Management LLC reduced its holdings in Ovintiv Inc. (NYSE:OVV) by 6.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 270,030 shares of the company’s stock after selling 17,274 shares during the period. Mutual of America Capital Management LLC owned approximately 0.11% of Ovintiv worth $10,904,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. McIlrath & Eck LLC purchased a new position in Ovintiv in the third quarter worth about $31,000. IFP Advisors Inc increased its position in shares of Ovintiv by 316.7% during 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 bought a new stake in Ovintiv in the second quarter worth $35,000. HM Payson & Co. purchased a new position in Ovintiv during the third quarter worth $36,000. Finally, Quent Capital LLC bought a new position in Ovintiv during the third quarter valued at $37,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, COO Gregory Dean Givens sold 50,000 shares of Ovintiv stock in a transaction that occurred 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 transaction, the chief operating officer directly 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 filing with the SEC, which is available through this link. Corporate insiders own 0.89% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on OVV shares. UBS Group restated a “buy” rating on shares of Ovintiv in a report on Thursday. Citigroup cut their target price on Ovintiv from $54.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Wells Fargo & Company raised their price target on Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 18th. Morgan Stanley cut their price objective on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 14th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Ovintiv in a research note on Monday, December 29th. One 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’s stock. According to MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.82.

Ovintiv Price Performance

Shares of OVV stock opened at $41.39 on Tuesday. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $45.96. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.43. The stock has a fifty day simple moving average of $39.62 and a two-hundred day simple moving average of $39.74. The stock has a market capitalization of $10.48 billion, a price-to-earnings ratio of 45.49, a P/E/G ratio of 2.42 and a beta of 0.76.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $1.86 billion. On average, analysts predict that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

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

Ovintiv Company 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.