Qsemble Capital Management LP Acquires New Stake in Ovintiv Inc. (NYSE:OVV)

Qsemble Capital Management LP acquired a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 22,112 shares of the company's stock, valued at approximately $971,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its stake in Ovintiv by 10.7% in the 3rd quarter. Victory Capital Management Inc. now owns 528,836 shares of the company's stock valued at $25,157,000 after purchasing an additional 51,261 shares during the last quarter. Toronto Dominion Bank increased its stake in shares of Ovintiv by 15.5% in the 3rd quarter. Toronto Dominion Bank now owns 761,303 shares of the company's stock worth $36,215,000 after acquiring an additional 101,978 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Ovintiv by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company's stock worth $1,285,816,000 after acquiring an additional 2,484,554 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Ovintiv by 2.5% in the 3rd quarter. Legal & General Group Plc now owns 1,124,654 shares of the company's stock worth $53,500,000 after acquiring an additional 27,381 shares during the last quarter. Finally, Comerica Bank acquired a new stake in shares of Ovintiv in the 3rd quarter worth $18,097,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. The Goldman Sachs Group raised their target price on Ovintiv from $47.00 to $56.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 26th. Barclays assumed coverage on Ovintiv in a research note on Wednesday, April 10th. They issued an "overweight" rating and a $69.00 target price for the company. Scotiabank cut their target price on Ovintiv from $53.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, January 16th. Morgan Stanley raised their price objective on Ovintiv from $49.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Monday, April 15th. Finally, UBS Group boosted their price objective on shares of Ovintiv from $62.00 to $69.00 and gave the company a "buy" rating in a report on Thursday, April 11th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $56.71.

Insider Buying and Selling

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the company's stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the sale, the executive vice president now directly owns 23,672 shares in the company, valued at $1,206,325.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Rachel Maureen Moore sold 9,300 shares of the company's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the sale, the executive vice president now directly owns 52,557 shares in the company, valued at $2,662,012.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the completion of the transaction, the executive vice president now owns 23,672 shares in the company, valued at $1,206,325.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 91,564 shares of company stock worth $4,660,818. Company insiders own 1.70% of the company's stock.

Ovintiv Trading Down 1.9 %

NYSE:OVV traded down $0.96 on Friday, reaching $49.94. 2,806,434 shares of the company's stock were exchanged, compared to its average volume of 2,590,270. The company has a quick ratio of 0.60, a current ratio of 0.52 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $13.33 billion, a price-to-earnings ratio of 6.97 and a beta of 2.64. The business has a fifty day moving average of $51.93 and a 200-day moving average of $46.77. Ovintiv Inc. has a 52-week low of $32.07 and a 52-week high of $55.95.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.94 by $0.41. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. As a group, analysts expect that Ovintiv Inc. will post 6 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.40%. Ovintiv's payout ratio is 16.76%.

Ovintiv Company Profile

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.

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