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

Mutual of America Capital Management LLC lowered its stake in shares of Ovintiv Inc. (NYSE:OVV) by 6.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 270,030 shares of the company’s stock after selling 17,274 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Ovintiv were worth $10,904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Ovintiv by 61.0% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 235,617 shares of the company’s stock valued at $9,514,000 after buying an additional 89,267 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in Ovintiv by 9.6% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 157,764 shares of the company’s stock valued at $6,371,000 after acquiring an additional 13,873 shares during the last quarter. Jackson Thornton Wealth Management LLC acquired a new stake in Ovintiv in the third quarter valued at approximately $261,000. Inscription Capital LLC purchased a new position in Ovintiv in the third quarter worth $210,000. Finally, QTR Family Wealth LLC acquired a new position in shares of Ovintiv during the third quarter worth $266,000. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Price Performance

Shares of NYSE OVV opened at $41.39 on Tuesday. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $45.96. The business’s 50 day moving average price is $39.62 and its 200 day moving average price is $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 firm has a market cap of $10.48 billion, a P/E ratio of 45.49, a P/E/G ratio of 2.42 and a beta of 0.76.

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

Ovintiv Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on OVV. Citigroup lowered their price objective on Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Barclays lowered their price target on Ovintiv from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, October 7th. JPMorgan Chase & Co. cut their price objective on shares of Ovintiv from $50.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, October 3rd. Morgan Stanley lowered their target price on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 14th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $47.00 price target on shares of Ovintiv in a report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.82.

Insiders Place Their Bets

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of Ovintiv stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the completion of the transaction, the chief operating officer owned 105,867 shares in the company, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.89% of the company’s stock.

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.