Harbor Capital Advisors Inc. Sells 23,613 Shares of Ovintiv Inc. $OVV

Harbor Capital Advisors Inc. lessened its stake in shares of Ovintiv Inc. (NYSE:OVV) by 71.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,218 shares of the company’s stock after selling 23,613 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Ovintiv were worth $372,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in OVV. Northwestern Mutual Wealth Management Co. raised its holdings in Ovintiv by 15.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 15,604 shares of the company’s stock valued at $668,000 after buying an additional 2,107 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Ovintiv by 54.3% in the 1st quarter. BNP Paribas Financial Markets now owns 962,871 shares of the company’s stock worth $41,211,000 after acquiring an additional 338,866 shares during the last quarter. State of Wyoming increased its position in shares of Ovintiv by 28.1% in the first quarter. State of Wyoming now owns 4,672 shares of the company’s stock valued at $200,000 after acquiring an additional 1,025 shares during the period. Focus Partners Advisor Solutions LLC raised its stake in shares of Ovintiv by 186.0% during the first quarter. Focus Partners Advisor Solutions LLC now owns 15,947 shares of the company’s stock valued at $683,000 after acquiring an additional 10,372 shares during the last quarter. Finally, Maverick Capital Ltd. boosted its holdings in shares of Ovintiv by 135.3% during the first quarter. Maverick Capital Ltd. now owns 13,492 shares of the company’s stock worth $577,000 after purchasing an additional 7,758 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Ovintiv

In other news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the sale, the chief operating officer owned 105,867 shares of the company’s stock, valued at $4,269,616.11. This trade represents a 32.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.89% of the company’s stock.

Ovintiv Stock Performance

OVV stock opened at $38.76 on Tuesday. The stock’s 50 day simple moving average is $38.88 and its 200 day simple moving average is $39.81. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.43. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $46.35. The stock has a market capitalization of $9.82 billion, a PE ratio of 42.59, a price-to-earnings-growth ratio of 1.66 and a beta of 0.77.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.06. The firm had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%. As a group, research analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be given a $0.30 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.20 dividend on an annualized basis and a yield of 3.1%. Ovintiv’s payout ratio is 131.87%.

Analyst Ratings Changes

OVV has been the topic of a number of research analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Ovintiv in a report on Monday, December 22nd. JPMorgan Chase & Co. lowered their price target on shares of Ovintiv from $50.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, October 3rd. Barclays reduced their price objective on Ovintiv from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. Wells Fargo & Company lifted their price objective on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 18th. Finally, Citigroup reduced their price target on Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and an average price target of $51.89.

Ovintiv Company 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.