Kingsview Wealth Management LLC Acquires 89,631 Shares of Ovintiv Inc. $OVV

Kingsview Wealth Management LLC grew its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 36.5% in the 3rd quarter, Holdings Channel reports. The fund owned 335,041 shares of the company’s stock after buying an additional 89,631 shares during the period. Kingsview Wealth Management LLC’s holdings in Ovintiv were worth $13,529,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. McIlrath & Eck LLC acquired a new position in Ovintiv during the 3rd quarter worth approximately $31,000. HM Payson & Co. acquired a new stake in Ovintiv in the third quarter valued at approximately $36,000. Quent Capital LLC bought a new stake in shares of Ovintiv during the third quarter worth $37,000. MAI Capital Management increased its holdings in shares of Ovintiv by 174.6% during the second quarter. MAI Capital Management now owns 1,170 shares of the company’s stock worth $45,000 after buying an additional 744 shares in the last quarter. Finally, Allworth Financial LP increased its holdings in shares of 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 in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction 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 transaction, the chief operating officer owned 105,867 shares in the company, valued at $4,269,616.11. The trade was a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.89% of the stock is currently owned by insiders.

Ovintiv Price Performance

Shares of OVV opened at $50.52 on Monday. The business has a 50-day moving average of $42.88 and a 200-day moving average of $40.85. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market capitalization of $14.31 billion, a price-to-earnings ratio of 10.44, a price-to-earnings-growth ratio of 2.74 and a beta of 0.69. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $51.60.

Ovintiv (NYSE:OVV) last released its earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating 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 the consensus estimate of $1.89 billion. During the same quarter in the prior year, the firm posted ($0.23) EPS. As a group, equities research analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share 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 paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, March 13th. Ovintiv’s dividend payout ratio (DPR) is currently 24.79%.

Analyst Ratings Changes

OVV has been the topic of several recent research reports. Barclays raised their price objective on Ovintiv from $55.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. Zacks Research lowered Ovintiv from a “hold” rating to a “strong sell” rating in a research note on Monday, February 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $55.00 price objective on shares of Ovintiv in a research note on Thursday, February 19th. TD Cowen upgraded shares of Ovintiv to a “strong-buy” rating in a report on Monday, February 9th. Finally, National Bank Financial boosted their target price on shares of Ovintiv from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, February 25th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $52.72.

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.