Geode Capital Management LLC Sells 12,672 Shares of Ovintiv Inc. $OVV

Geode Capital Management LLC trimmed its position in shares of Ovintiv Inc. (NYSE:OVV) by 0.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,739,618 shares of the company’s stock after selling 12,672 shares during the quarter. Geode Capital Management LLC owned 1.87% of Ovintiv worth $185,800,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Fiduciary Financial Group LLC boosted its position in shares of Ovintiv by 3.2% during the fourth quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock worth $371,000 after purchasing an additional 297 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Ovintiv by 2.3% during the third quarter. PNC Financial Services Group Inc. now owns 14,834 shares of the company’s stock worth $599,000 after purchasing an additional 340 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Ovintiv by 58.4% during the third quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock worth $54,000 after purchasing an additional 494 shares in the last quarter. Quadrant Capital Group LLC lifted its position in Ovintiv by 1.9% in the 3rd quarter. Quadrant Capital Group LLC now owns 26,203 shares of the company’s stock valued at $1,058,000 after acquiring an additional 495 shares in the last quarter. Finally, Illinois Municipal Retirement Fund lifted its position in Ovintiv by 0.9% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 58,640 shares of the company’s stock valued at $2,368,000 after acquiring an additional 499 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

Insider Buying and Selling at Ovintiv

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the transaction, the executive vice president owned 54,092 shares in the company, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.85% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on OVV shares. TD Cowen boosted their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, March 17th. Truist Financial cut their price objective on shares of Ovintiv from $72.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, May 13th. Wall Street Zen cut shares of Ovintiv from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. 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. Finally, Zacks Research raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $63.00.

Ovintiv Stock Up 1.4%

Ovintiv stock opened at $59.34 on Thursday. The firm has a market capitalization of $16.68 billion, a PE ratio of 19.14 and a beta of 0.53. The company’s 50-day moving average is $58.11 and its 200-day moving average is $49.00. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $63.46. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.15. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. Sell-side analysts anticipate that Ovintiv Inc. will post 8.15 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Monday, June 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. Ovintiv’s payout ratio is currently 38.71%.

Ovintiv Company Profile

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.