Pacer Advisors Inc. Trims Holdings in Ovintiv Inc. (NYSE:OVV)

Pacer Advisors Inc. trimmed its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 98.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,086 shares of the company's stock after selling 2,567,776 shares during the period. Pacer Advisors Inc.'s holdings in Ovintiv were worth $2,244,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Ovintiv by 10.1% during the third quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company's stock valued at $1,285,816,000 after buying an additional 2,484,554 shares in the last quarter. BlackRock Inc. boosted its stake in Ovintiv by 52.6% during the 2nd quarter. BlackRock Inc. now owns 26,756,052 shares of the company's stock valued at $1,018,603,000 after acquiring an additional 9,221,114 shares during the last quarter. FMR LLC boosted its stake in Ovintiv by 2.3% during the 3rd quarter. FMR LLC now owns 22,877,626 shares of the company's stock valued at $1,088,289,000 after acquiring an additional 507,562 shares during the last quarter. EnCap Energy Capital Fund XI L.P. bought a new position in Ovintiv during the 2nd quarter valued at $559,852,000. Finally, EnCap Energy Capital Fund X L.P. bought a new position in Ovintiv during the 2nd quarter valued at $380,527,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Price Performance

OVV traded up $0.54 on Friday, reaching $51.90. The company had a trading volume of 3,305,242 shares, compared to its average volume of 4,107,621. The company has a fifty day moving average of $46.58 and a 200-day moving average of $45.69. The company has a market capitalization of $13.96 billion, a P/E ratio of 6.58 and a beta of 2.66. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.53. Ovintiv Inc. has a one year low of $32.07 and a one year high of $52.09.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.41. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. The company had revenue of $3.17 billion during the quarter, compared to analyst estimates of $2.75 billion. As a group, equities research analysts anticipate that Ovintiv Inc. will post 5.95 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.31%. Ovintiv's dividend payout ratio (DPR) is 15.21%.

Insider Activity

In other news, EVP Rachel Maureen Moore sold 9,300 shares of the firm's stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the completion of the transaction, the executive vice president now owns 52,557 shares in the company, valued at approximately $2,662,012.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Ovintiv news, EVP Rachel Maureen Moore sold 9,300 shares of the firm's stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.65, for a total value of $471,045.00. Following the completion of the transaction, the executive vice president now directly owns 52,557 shares in the company, valued at $2,662,012.05. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Howard John Mayson sold 6,000 shares of the firm's stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $50.56, for a total transaction of $303,360.00. Following the completion of the transaction, the director now owns 36,840 shares of the company's stock, valued at $1,862,630.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,564 shares of company stock worth $4,660,818. Corporate insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

OVV has been the topic of a number of research analyst reports. Mizuho reduced their price objective on shares of Ovintiv from $59.00 to $58.00 and set a "buy" rating on the stock in a research note on Friday, March 22nd. National Bankshares dropped their target price on shares of Ovintiv from $69.00 to $53.00 and set an "outperform" rating on the stock in a report on Wednesday, January 10th. Citigroup increased their target price on shares of Ovintiv from $52.00 to $58.00 and gave the stock a "buy" rating in a report on Monday, March 18th. Morgan Stanley increased their target price on shares of Ovintiv from $48.00 to $49.00 and gave the stock an "equal weight" rating in a report on Thursday. Finally, Wells Fargo & Company dropped their target price on shares of Ovintiv from $46.00 to $44.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 17th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $53.94.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.