Callodine Capital Management LP Buys Shares of 56,307 Ovintiv Inc. $OVV

Callodine Capital Management LP purchased 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 SEC. The fund purchased 56,307 shares of the company’s stock, valued at approximately $2,274,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Adage Capital Partners GP L.L.C. lifted its holdings in Ovintiv by 143.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock valued at $142,278,000 after buying an additional 2,205,233 shares during the period. Dimensional Fund Advisors LP grew its holdings in Ovintiv by 25.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock worth $379,165,000 after acquiring an additional 1,927,193 shares during the period. Evergreen Capital Management LLC bought a new stake in shares of Ovintiv during the 3rd quarter valued at $60,866,000. Qube Research & Technologies Ltd bought a new stake in shares of Ovintiv during the 2nd quarter valued at $41,701,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Ovintiv by 12.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,888,500 shares of the company’s stock valued at $237,747,000 after purchasing an additional 649,819 shares during the period. 83.81% of the stock is owned by institutional investors.

Ovintiv Price Performance

OVV opened at $55.40 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $55.85. The company has a fifty day simple moving average of $45.78 and a 200 day simple moving average of $41.77. The stock has a market cap of $15.70 billion, a P/E ratio of 11.45, a P/E/G ratio of 2.99 and a beta of 0.69.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Monday, February 23rd. The company reported $1.39 EPS for the quarter, topping 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 business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter last year, the business posted ($0.23) EPS. On average, research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Royal Bank Of Canada restated an “outperform” rating and issued a $55.00 price target on shares of Ovintiv in a research report on Thursday, February 19th. UBS Group upped their price objective on Ovintiv from $61.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, March 5th. National Bank Financial increased their target price on Ovintiv from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, February 25th. JPMorgan Chase & Co. started coverage on Ovintiv in a research report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 target price for the company. Finally, Scotiabank raised Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and an average target price of $53.53.

Insider Activity

In related news, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director directly owned 45,780 shares in the company, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.70% 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.