Ovintiv Inc. $OVV Shares Bought by Cibc World Market Inc.

Cibc World Market Inc. boosted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 23.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 87,402 shares of the company’s stock after buying an additional 16,513 shares during the period. Cibc World Market Inc.’s holdings in Ovintiv were worth $3,425,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC grew 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 worth $391,000 after purchasing an additional 3,788 shares during the period. Great Lakes Advisors LLC purchased a new position in shares of Ovintiv during the 1st quarter worth $202,000. Focus Partners Wealth grew its holdings in shares of Ovintiv by 49.3% during 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. grew its holdings in shares of Ovintiv by 47.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after purchasing an additional 589 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Ovintiv by 103.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock worth $126,000 after purchasing an additional 1,675 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on OVV shares. Weiss Ratings cut Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a report on Tuesday, May 12th. Wells Fargo & Company raised their target price on Ovintiv from $55.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, May 14th. Mizuho raised their target price on Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. UBS Group lowered their target price on Ovintiv from $76.00 to $75.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Finally, National Bank Financial increased their price target on Ovintiv from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $63.00.

Ovintiv Stock Up 2.2%

Ovintiv stock opened at $57.96 on Tuesday. 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 Inc. has a 1-year low of $35.47 and a 1-year high of $63.46. The company has a market cap of $16.29 billion, a PE ratio of 18.70 and a beta of 0.53. The stock’s 50 day moving average price is $57.98 and its 200 day moving average price is $49.40.

Ovintiv (NYSE:OVV) last posted its earnings results on Monday, May 11th. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. On average, sell-side analysts predict that Ovintiv Inc. will post 8.15 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders 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 yield of 2.1%. Ovintiv’s dividend payout ratio is currently 38.71%.

Insider Buying and Selling

In other Ovintiv news, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the completion of the sale, the executive vice president directly owned 54,092 shares in the company, valued at $2,963,159.76. This represents a 17.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.85% of the stock is owned by corporate insiders.

Ovintiv 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.