Ellsworth Advisors LLC Makes New $3.87 Million Investment in Ovintiv Inc. $OVV

Ellsworth Advisors LLC acquired a new stake in Ovintiv Inc. (NYSE:OVV) in the 3rd quarter, HoldingsChannel.com reports. The firm acquired 103,685 shares of the company’s stock, valued at approximately $3,866,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OVV. AQR Capital Management LLC increased its position in shares of Ovintiv by 69.7% during the first quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company’s stock valued at $238,513,000 after acquiring an additional 2,288,989 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its stake in Ovintiv by 143.8% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock valued at $142,278,000 after purchasing an additional 2,205,233 shares during the period. Qube Research & Technologies Ltd bought a new position in Ovintiv in the 2nd quarter valued at $41,701,000. Amundi increased its position in shares of Ovintiv by 86.3% during the 1st quarter. Amundi now owns 2,231,116 shares of the company’s stock valued at $87,125,000 after purchasing an additional 1,033,309 shares during the last quarter. Finally, Arete Wealth Advisors LLC bought a new stake in shares of Ovintiv during the 1st quarter worth $39,147,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on OVV. JPMorgan Chase & Co. reduced 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. Morgan Stanley dropped their target price on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 14th. Roth Capital began coverage on shares of Ovintiv in a research note on Monday, October 13th. They set a “neutral” rating and a $42.00 price target for the company. National Bankshares lowered their price target on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating on the stock in a report on Wednesday, October 22nd. Finally, William Blair started coverage on Ovintiv in a report on Wednesday, November 26th. They set an “outperform” rating and a $50.00 price objective for the company. One investment 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.89.

Insider Buying and Selling

In related news, COO Gregory Dean Givens sold 50,000 shares of the company’s stock in a transaction that occurred on 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 approximately $4,269,616.11. This represents a 32.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Ovintiv Stock Performance

Shares of OVV stock opened at $37.99 on Friday. The firm’s 50 day moving average is $38.83 and its 200 day moving average is $39.83. The stock has a market capitalization of $9.62 billion, a P/E ratio of 41.75, a PEG ratio of 1.66 and a beta of 0.77. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $46.35. 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 (NYSE:OVV) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.06. The firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $1.86 billion. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%. On average, sell-side analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, December 15th. Ovintiv’s dividend payout ratio (DPR) is 131.87%.

About Ovintiv

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.