Kingsview Wealth Management LLC Has $8.71 Million Holdings in Ovintiv Inc. $OVV

Key Points

• Kingsview Wealth Management cut its Ovintiv stake by 33.7% in the fourth quarter, leaving it with 222,234 shares valued at about $8.71 million.
• Ovintiv reported strong quarterly results, posting earnings of $2.00 per share versus the $1.85 estimate and revenue of $2.40 billion, slightly ahead of expectations.
• The company also announced a quarterly dividend of $0.30 per share and received mostly bullish analyst coverage, with a consensus Moderate Buy rating and a $63 target price.

Kingsview Wealth Management LLC trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 33.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 222,234 shares of the company's stock after selling 112,807 shares during the period. Kingsview Wealth Management LLC owned approximately 0.09% of Ovintiv worth $8,709,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Foster Dykema Cabot & Partners LLC bought a new position in Ovintiv during the third quarter worth $36,000. Flagship Harbor Advisors LLC bought a new stake in Ovintiv in the fourth quarter valued at $38,000. IFP Advisors Inc increased its stake in Ovintiv by 58.4% in the third quarter. IFP Advisors Inc now owns 1,340 shares of the company's stock valued at $54,000 after purchasing an additional 494 shares in the last quarter. Advisory Services Network LLC acquired a new position in shares of Ovintiv during the third quarter valued at about $58,000. Finally, CIBC Private Wealth Group LLC raised its holdings in shares of Ovintiv by 258.2% during the third quarter. CIBC Private Wealth Group LLC now owns 1,576 shares of the company's stock valued at $64,000 after purchasing an additional 1,136 shares during the period. Institutional investors own 83.81% of the company's stock.

Insider Buying and Selling at Ovintiv

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the stock in a transaction on Friday, March 13th. The stock was sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the sale, the executive vice president directly owned 54,092 shares of the company's stock, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Howard John Mayson sold 5,000 shares of the firm's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the transaction, the director owned 45,780 shares in the company, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.85% of the company's stock.

Ovintiv Trading Up 0.4%

NYSE:OVV opened at $55.85 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. Ovintiv Inc. has a one year low of $35.47 and a one year high of $63.46. The company has a market cap of $15.70 billion, a PE ratio of 18.02 and a beta of 0.57. The firm has a 50-day moving average of $58.01 and a 200-day moving average of $48.46.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.15. The business had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. As a group, equities research analysts expect that Ovintiv Inc. will post 8.5 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.1%. Ovintiv's payout ratio is presently 38.71%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on OVV. Mizuho raised their target price on Ovintiv from $69.00 to $75.00 and gave the company an "outperform" rating in a research note on Wednesday. TD Cowen upped their price target on Ovintiv from $58.00 to $60.00 and gave the stock a "buy" rating in a research note on Tuesday, March 17th. UBS Group cut their price target on Ovintiv from $76.00 to $75.00 and set a "buy" rating on the stock in a report on Thursday, April 9th. Truist Financial reduced their price objective on Ovintiv from $72.00 to $70.00 and set a "buy" rating for the company in a research note on Wednesday, May 13th. Finally, Scotiabank raised Ovintiv from an "outperform" rating to a "buy" rating in a research report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, Ovintiv currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.00.

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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