Rafferty Asset Management LLC Sells 33,115 Shares of Ovintiv Inc. $OVV

Rafferty Asset Management LLC cut its stake in shares of Ovintiv Inc. (NYSE:OVV) by 23.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 106,245 shares of the company’s stock after selling 33,115 shares during the quarter. Rafferty Asset Management LLC’s holdings in Ovintiv were worth $4,290,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Harvest Portfolios Group Inc. lifted its holdings in Ovintiv by 1.2% during the third quarter. Harvest Portfolios Group Inc. now owns 44,135 shares of the company’s stock valued at $1,782,000 after purchasing an additional 506 shares in the last quarter. US Bancorp DE raised its position in shares of Ovintiv by 8.2% during the 3rd quarter. US Bancorp DE now owns 12,697 shares of the company’s stock valued at $513,000 after purchasing an additional 960 shares during the period. Waddell & Associates LLC bought a new stake in shares of Ovintiv during the 3rd quarter valued at $239,000. Compound Planning Inc. lifted its stake in shares of Ovintiv by 23.5% during the 3rd quarter. Compound Planning Inc. now owns 6,587 shares of the company’s stock valued at $266,000 after buying an additional 1,255 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Ovintiv by 104.8% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 6,755 shares of the company’s stock worth $273,000 after buying an additional 3,457 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $51.74 on Wednesday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $53.21. The stock has a 50 day moving average of $43.44 and a 200 day moving average of $41.02. The firm has a market cap of $14.66 billion, a PE ratio of 10.69, a PEG ratio of 2.82 and a beta of 0.69.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.41. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same period in the prior year, the firm earned ($0.23) EPS. On average, research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, March 13th. This represents a $1.20 annualized dividend and a yield of 2.3%. Ovintiv’s dividend payout ratio (DPR) is 24.79%.

Insider Activity at Ovintiv

In other news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction dated 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 directly owned 105,867 shares in the company, valued at $4,269,616.11. The trade was a 32.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.89% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Evercore reissued an “outperform” rating and set a $47.00 price target on shares of Ovintiv in a report on Thursday, November 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ovintiv in a research report on Monday, December 29th. Barclays lifted their target price on Ovintiv from $55.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Roth Mkm upped their price target on Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 24th. Finally, TD Cowen upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and a consensus target price of $52.72.

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.