Invenomic Capital Management LP Has $6.52 Million Position in Ovintiv Inc. $OVV

Invenomic Capital Management LP reduced its stake in shares of Ovintiv Inc. (NYSE:OVV) by 6.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 161,332 shares of the company’s stock after selling 11,136 shares during the period. Invenomic Capital Management LP’s holdings in Ovintiv were worth $6,515,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Holocene Advisors LP increased its position in shares of Ovintiv by 5.1% during the third quarter. Holocene Advisors LP now owns 2,619,615 shares of the company’s stock worth $105,780,000 after acquiring an additional 126,245 shares in the last quarter. Gotham Asset Management LLC boosted its stake in Ovintiv by 110.4% in the 3rd quarter. Gotham Asset Management LLC now owns 103,223 shares of the company’s stock worth $4,168,000 after purchasing an additional 54,159 shares during the period. Focus Partners Wealth boosted its stake in Ovintiv by 395.1% in the 3rd quarter. Focus Partners Wealth now owns 35,680 shares of the company’s stock worth $1,441,000 after purchasing an additional 28,473 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. bought a new position in Ovintiv during the 3rd quarter worth about $311,000. Finally, California Public Employees Retirement System increased its holdings in Ovintiv by 3.0% during the 3rd quarter. California Public Employees Retirement System now owns 494,800 shares of the company’s stock worth $19,980,000 after purchasing an additional 14,193 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 0.8%

Ovintiv stock opened at $55.40 on Monday. The stock has a 50-day simple moving average of $45.78 and a 200 day simple moving average of $41.78. The stock has a market capitalization of $15.70 billion, a P/E ratio of 11.45, a PEG ratio of 3.01 and a beta of 0.69. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $55.85.

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

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, March 13th. Ovintiv’s dividend payout ratio is 24.79%.

Wall Street Analyst Weigh In

Several research firms have commented on OVV. UBS Group boosted their target price on Ovintiv from $61.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a research report on Monday, December 29th. TD Cowen upgraded Ovintiv to a “strong-buy” rating in a report on Monday, February 9th. Wells Fargo & Company increased their price target on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 18th. Finally, Scotiabank upgraded Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.53.

Insider Transactions at Ovintiv

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the sale, the director 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.89% of the stock is owned by corporate insiders.

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.