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

Qsemble Capital Management LP trimmed its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 48.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,395 shares of the company's stock after selling 32,097 shares during the period. Qsemble Capital Management LP's holdings in Ovintiv were worth $1,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Pacer Advisors Inc. boosted its holdings in shares of Ovintiv by 11,282.4% in the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company's stock valued at $250,687,000 after purchasing an additional 6,486,159 shares during the period. Smead Capital Management Inc. grew its position in shares of Ovintiv by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company's stock worth $241,476,000 after buying an additional 212,535 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Ovintiv by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company's stock valued at $180,194,000 after buying an additional 142,296 shares during the period. AQR Capital Management LLC raised its holdings in shares of Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company's stock valued at $141,889,000 after acquiring an additional 1,618,556 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Ovintiv by 7.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company's stock worth $71,587,000 after acquiring an additional 133,192 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Performance

OVV stock traded down $0.02 during midday trading on Tuesday, reaching $45.73. The stock had a trading volume of 3,314,325 shares, compared to its average volume of 3,089,786. The firm has a fifty day simple moving average of $41.62 and a two-hundred day simple moving average of $44.13. Ovintiv Inc. has a 52-week low of $36.90 and a 52-week high of $55.95. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market cap of $11.90 billion, a PE ratio of 6.06 and a beta of 2.62.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv's dividend payout ratio (DPR) is 15.92%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on OVV. Morgan Stanley lowered their price target on shares of Ovintiv from $53.00 to $51.00 and set an "equal weight" rating for the company in a research report on Monday, September 16th. Wells Fargo & Company dropped their target price on Ovintiv from $51.00 to $42.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 1st. Truist Financial upped their price objective on Ovintiv from $57.00 to $59.00 and gave the stock a "buy" rating in a research note on Friday, November 15th. Siebert Williams Shank upgraded shares of Ovintiv to a "strong-buy" rating in a report on Tuesday, October 15th. Finally, Citigroup cut their price objective on shares of Ovintiv from $55.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $56.65.

Ovintiv 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.