Viking Fund Management LLC Sells 25,000 Shares of Ovintiv Inc. (NYSE:OVV)

Viking Fund Management LLC lowered its position in Ovintiv Inc. (NYSE:OVV) by 33.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 50,000 shares of the company’s stock after selling 25,000 shares during the quarter. Viking Fund Management LLC’s holdings in Ovintiv were worth $1,916,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in Ovintiv by 7.5% during the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock worth $165,000 after buying an additional 220 shares during the period. UMB Bank n.a. raised its stake in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after buying an additional 286 shares during the last quarter. Covestor Ltd lifted its holdings in Ovintiv by 23.1% in the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock valued at $81,000 after buying an additional 293 shares during the period. Geneos Wealth Management Inc. boosted its position in Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after acquiring an additional 300 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in Ovintiv by 24.0% during the 2nd quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock worth $93,000 after acquiring an additional 347 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

Shares of OVV stock traded up $0.35 during trading hours on Friday, hitting $43.13. 3,060,902 shares of the company were exchanged, compared to its average volume of 3,137,829. Ovintiv Inc. has a 52-week low of $36.90 and a 52-week high of $55.95. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The firm has a fifty day simple moving average of $41.41 and a 200 day simple moving average of $46.57. The stock has a market capitalization of $11.37 billion, a price-to-earnings ratio of 6.08, a P/E/G ratio of 8.02 and a beta of 2.61.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. Research analysts predict that Ovintiv Inc. will post 4.9 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Friday, September 13th. Ovintiv’s payout ratio is currently 16.93%.

Analysts Set New Price Targets

Several equities research analysts recently commented on OVV shares. Wolfe Research initiated coverage on Ovintiv in a research report on Thursday, July 18th. They set an “outperform” rating and a $65.00 target price on the stock. Scotiabank increased their price target on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Friday, July 12th. Wells Fargo & Company lowered their price objective on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. Morgan Stanley cut their target price on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, UBS Group decreased their price target on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

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.