Pacer Advisors Inc. Cuts Stake in Ovintiv Inc. $OVV

Pacer Advisors Inc. cut its stake in shares of Ovintiv Inc. (NYSE:OVV) by 97.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,617 shares of the company’s stock after selling 1,485,853 shares during the quarter. Pacer Advisors Inc.’s holdings in Ovintiv were worth $1,936,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP grew its position in Ovintiv by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after purchasing an additional 1,669,469 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Ovintiv by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after buying an additional 203,256 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Ovintiv by 16.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock worth $467,874,000 after buying an additional 1,137,162 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Ovintiv by 116.3% during the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after buying an additional 3,060,691 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its holdings in shares of Ovintiv by 13.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock valued at $214,060,000 after buying an additional 650,000 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

Shares of OVV opened at $59.37 on Friday. The firm has a market capitalization of $16.36 billion, a P/E ratio of 16.77 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. Ovintiv Inc. has a one year low of $35.47 and a one year high of $64.61. The business has a fifty day moving average of $56.84 and a 200 day moving average of $54.61.

Ovintiv (NYSE:OVV) last announced its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.20). The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. As a group, sell-side analysts anticipate that Ovintiv Inc. will post 6.87 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio is 33.90%.

Analyst Ratings Changes

A number of brokerages recently weighed in on OVV. Wall Street Zen upgraded shares of Ovintiv from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. Stephens reaffirmed a “positive” rating and set a $69.00 price objective on shares of Ovintiv in a research report on Friday, July 24th. Truist Financial reiterated a “buy” rating and issued a $73.00 price objective (up from $66.00) on shares of Ovintiv in a report on Monday, July 27th. Wells Fargo & Company raised Ovintiv from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $57.00 to $80.00 in a research report on Monday, June 22nd. Finally, Mizuho raised their price target on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $66.89.

Ovintiv 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.