Ovintiv Inc. $OVV Shares Purchased by DAVENPORT & Co LLC

DAVENPORT & Co LLC raised its stake in Ovintiv Inc. (NYSE:OVV) by 60.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,424 shares of the company’s stock after purchasing an additional 11,045 shares during the quarter. DAVENPORT & Co LLC’s holdings in Ovintiv were worth $1,153,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Integrated Wealth Concepts LLC raised its holdings in shares of 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 buying an additional 3,788 shares during the period. Great Lakes Advisors LLC acquired a new position in Ovintiv during the 1st quarter worth approximately $202,000. Focus Partners Wealth boosted its holdings 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 acquiring an additional 6,364 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Ovintiv by 47.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after acquiring an additional 589 shares during the period. Finally, MAI Capital Management boosted its holdings in Ovintiv by 174.6% in the 2nd quarter. MAI Capital Management now owns 1,170 shares of the company’s stock worth $45,000 after acquiring an additional 744 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Up 0.0%

NYSE:OVV opened at $62.09 on Monday. The company has a market capitalization of $17.59 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 2.34 and a beta of 0.69. Ovintiv Inc. has a one year low of $29.80 and a one year high of $62.60. The stock has a 50-day simple moving average of $49.59 and a 200 day simple moving average of $42.91. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.41. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the prior year, the firm posted ($0.23) earnings per share. Sell-side analysts predict that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, March 13th. Ovintiv’s payout ratio is 24.79%.

Insider Buying and Selling

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the sale, the executive vice president directly owned 54,092 shares of the company’s stock, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the transaction, the director owned 45,780 shares in the company, valued at $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OVV. Mizuho increased their price objective on shares of Ovintiv from $55.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, March 17th. Truist Financial began coverage on shares of Ovintiv in a research report on Tuesday, March 24th. They set a “buy” rating and a $70.00 target price on the stock. Zacks Research upgraded shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 3rd. JPMorgan Chase & Co. started coverage on shares of Ovintiv in a report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 price target for the company. Finally, Wells Fargo & Company lifted their price target on shares of Ovintiv from $42.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 19th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $58.11.

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.