Qsemble Capital Management LP Cuts Position in Ovintiv Inc. (NYSE:OVV)

Qsemble Capital Management LP trimmed its position in shares of Ovintiv Inc. (NYSE:OVV) by 48.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Innealta Capital LLC bought a new position in Ovintiv during the second quarter valued at $39,000. UMB Bank n.a. increased its position in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after acquiring an additional 286 shares during the last quarter. International Assets Investment Management LLC bought a new position in Ovintiv during the second quarter valued at $69,000. Covestor Ltd raised its stake in shares of Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after acquiring an additional 560 shares during the period. Finally, Blue Trust Inc. lifted its holdings in shares of Ovintiv by 24.0% in 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 last quarter. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Price Performance

NYSE OVV opened at $45.76 on Tuesday. The firm’s fifty day simple moving average is $41.51 and its two-hundred day simple moving average is $44.16. The firm has a market capitalization of $11.91 billion, a P/E ratio of 6.07 and a beta of 2.62. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.62%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio is currently 15.92%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on OVV shares. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. UBS Group increased their price target on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Royal Bank of Canada dropped their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. Truist Financial increased their target price on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus price target of $56.71.

About Ovintiv

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.