Aventail Capital Group LP Sells 60,209 Shares of Ovintiv Inc. $OVV

Key Points

• Aventail Capital Group LP sold 60,209 shares of Ovintiv, trimming its stake by 30.0% to 140,489 shares worth about $5.67 million.
• Ovintiv beat Q results (EPS $1.39 vs. $0.98 expected) and the stock trades near its 52-week high ($55.40) with a market cap of $15.7 billion and a P/E of 11.45.
• Analysts have a consensus rating of "Moderate Buy" with an average price target of $53.53, and the company recently declared a $0.30 quarterly dividend (annualized $1.20, ~2.2% yield).

Aventail Capital Group LP cut its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 30.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 140,489 shares of the company's stock after selling 60,209 shares during the quarter. Aventail Capital Group LP owned about 0.06% of Ovintiv worth $5,673,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in Ovintiv during the 3rd quarter valued at $311,000. California Public Employees Retirement System increased its holdings in shares of Ovintiv by 3.0% in the third quarter. California Public Employees Retirement System now owns 494,800 shares of the company's stock valued at $19,980,000 after purchasing an additional 14,193 shares during the last quarter. Boothbay Fund Management LLC acquired a new position in shares of Ovintiv in the third quarter valued at $616,000. Algert Global LLC raised its position in shares of Ovintiv by 730.0% in the third quarter. Algert Global LLC now owns 242,761 shares of the company's stock valued at $9,803,000 after purchasing an additional 213,511 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in shares of Ovintiv by 4.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 383,828 shares of the company's stock worth $15,499,000 after buying an additional 16,744 shares during the last quarter. Institutional investors own 83.81% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Jefferies Financial Group reaffirmed a "buy" rating and set a $54.00 target price on shares of Ovintiv in a report on Saturday, January 17th. Zacks Research raised shares of Ovintiv from a "strong sell" rating to a "hold" rating in a report on Tuesday, March 3rd. Scotiabank upgraded shares of Ovintiv from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, February 11th. Roth Mkm upped their target price on Ovintiv from $42.00 to $50.00 and gave the company a "neutral" rating in a research report on Tuesday, February 24th. Finally, Wells Fargo & Company increased their target price on Ovintiv from $38.00 to $42.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $53.53.

Ovintiv Trading Up 0.8%

OVV stock opened at $55.40 on Friday. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $55.85. The company has a market capitalization of $15.70 billion, a PE ratio of 11.45, a price-to-earnings-growth ratio of 3.01 and a beta of 0.69. The company's 50-day simple moving average is $45.78 and its 200 day simple moving average is $41.78. 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 (NYSE:OVV - Get Free Report) last issued its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $1.89 billion. During the same quarter in the previous year, the company earned ($0.23) EPS. As a group, sell-side analysts anticipate 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 will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, March 13th. Ovintiv's payout ratio is presently 24.79%.

Insider Activity

In related news, Director Howard John Mayson sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the completion of the sale, the director directly owned 45,780 shares in the company, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.70% of the company's stock.

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.

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