Adams Natural Resources Fund Inc. Takes $2.94 Million Position in Ovintiv Inc. $OVV

Adams Natural Resources Fund Inc. bought a new position in shares of Ovintiv Inc. (NYSE:OVV) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 72,800 shares of the company’s stock, valued at approximately $2,940,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC raised its stake 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 last quarter. NewEdge Advisors LLC increased its holdings in shares of Ovintiv by 13.6% in the first quarter. NewEdge Advisors LLC now owns 33,971 shares of the company’s stock valued at $1,454,000 after purchasing an additional 4,073 shares during the period. Great Lakes Advisors LLC purchased a new stake in shares of Ovintiv during the first quarter worth approximately $202,000. Meiji Yasuda Life Insurance Co raised its stake in shares of Ovintiv by 51.2% during the first quarter. Meiji Yasuda Life Insurance Co now owns 13,051 shares of the company’s stock worth $559,000 after purchasing an additional 4,421 shares during the last quarter. Finally, Yaupon Capital Management LP lifted its holdings in shares of Ovintiv by 24.6% during the first quarter. Yaupon Capital Management LP now owns 1,164,408 shares of the company’s stock worth $49,837,000 after purchasing an additional 229,966 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Performance

NYSE:OVV opened at $37.78 on Wednesday. The firm’s fifty day simple moving average is $39.13 and its 200-day simple moving average is $39.71. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The stock has a market cap of $9.57 billion, a PE ratio of 41.52, a price-to-earnings-growth ratio of 1.86 and a beta of 0.76. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $46.35.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.06. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%. The firm had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $1.86 billion. Analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.20 annualized dividend and a dividend yield of 3.2%. Ovintiv’s payout ratio is 131.87%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. William Blair started coverage on shares of Ovintiv in a research note on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price objective on the stock. Mizuho lowered their target price on shares of Ovintiv from $58.00 to $50.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Roth Capital assumed coverage on shares of Ovintiv in a research note on Monday, October 13th. They set a “neutral” rating and a $42.00 price target on the stock. Wells Fargo & Company increased their price target on shares of Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 18th. Finally, JPMorgan Chase & Co. reduced their price objective 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. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.89.

Insider Buying and Selling at Ovintiv

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 stock was sold at an average price of $40.33, for a total value of $2,016,500.00. Following the sale, the chief operating officer owned 105,867 shares in the company, valued at $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 available at this hyperlink. 0.89% of the stock is currently 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.