Bridgefront Capital LLC Sells 14,647 Shares of Ovintiv Inc. $OVV

Bridgefront Capital LLC trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 52.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,468 shares of the company’s stock after selling 14,647 shares during the period. Bridgefront Capital LLC’s holdings in Ovintiv were worth $544,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of OVV. Integrated Wealth Concepts LLC boosted its holdings in Ovintiv by 70.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after acquiring an additional 3,788 shares during the period. Great Lakes Advisors LLC purchased a new position in Ovintiv in the 1st quarter worth approximately $202,000. Focus Partners Wealth increased its stake in Ovintiv by 49.3% in the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after purchasing an additional 6,364 shares during the period. Geneos Wealth Management Inc. lifted its position in Ovintiv by 47.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after purchasing an additional 589 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in Ovintiv by 3.8% in the second quarter. ProShare Advisors LLC now owns 11,518 shares of the company’s stock valued at $438,000 after purchasing an additional 427 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Ovintiv Price Performance

OVV opened at $54.93 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a market capitalization of $15.56 billion, a PE ratio of 11.35, a price-to-earnings-growth ratio of 3.01 and a beta of 0.69. The stock’s 50 day moving average price is $46.10 and its 200-day moving average price is $41.87. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $55.85.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Monday, February 23rd. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.41. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same quarter last year, the firm posted ($0.23) earnings per share. On average, equities research analysts predict that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.2%. Ovintiv’s payout ratio is presently 24.79%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on OVV. UBS Group raised their target price on shares of Ovintiv from $61.00 to $69.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. William Blair assumed coverage on shares of Ovintiv in a report on Wednesday, November 26th. They set an “outperform” rating and a $50.00 price target for the company. Scotiabank raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. The Goldman Sachs Group raised their price target on shares of Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Finally, JPMorgan Chase & Co. started coverage on shares of Ovintiv in a research report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $53.76.

Insider Buying and Selling at Ovintiv

In related news, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the transaction, the director owned 45,780 shares in the company, valued at $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.89% of the company’s stock.

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.