Mirae Asset Global Investments Co. Ltd. Cuts Position in Ovintiv Inc. $OVV

Mirae Asset Global Investments Co. Ltd. lessened its holdings in Ovintiv Inc. (NYSE:OVV) by 4.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 231,879 shares of the company’s stock after selling 10,848 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.09% of Ovintiv worth $9,087,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Fiduciary Financial Group LLC increased its stake in shares of Ovintiv by 3.2% in the 4th quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock valued at $371,000 after purchasing an additional 297 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Ovintiv by 2.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,834 shares of the company’s stock valued at $599,000 after purchasing an additional 340 shares in the last quarter. KLP Kapitalforvaltning AS increased its stake in shares of Ovintiv by 0.6% in the 3rd quarter. KLP Kapitalforvaltning AS now owns 63,400 shares of the company’s stock valued at $2,560,000 after purchasing an additional 400 shares in the last quarter. Forum Financial Management LP increased its stake in shares of Ovintiv by 5.2% in the 3rd quarter. Forum Financial Management LP now owns 9,402 shares of the company’s stock valued at $380,000 after purchasing an additional 464 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in shares of Ovintiv by 58.4% in the 3rd quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock valued at $54,000 after purchasing an additional 494 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Truist Financial lifted their price objective on Ovintiv from $70.00 to $72.00 and gave the stock a “buy” rating in a report on Monday, April 13th. Zacks Research upgraded Ovintiv from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 3rd. Bank of America lifted their price objective on Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Morgan Stanley assumed coverage on Ovintiv in a report on Friday, March 27th. They issued an “equal weight” rating and a $68.00 price objective on the stock. Finally, Citigroup reiterated a “neutral” rating and issued a $62.00 price objective (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Fifteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $60.37.

Insider Activity at Ovintiv

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of the business’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 transaction, the executive vice president directly owned 54,092 shares in the company, valued at $2,963,159.76. The trade was a 17.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction, the director owned 45,780 shares in the company, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.85% of the company’s stock.

Ovintiv Trading Up 0.0%

Shares of Ovintiv stock opened at $52.82 on Monday. The stock has a market cap of $14.96 billion, a P/E ratio of 10.91, a P/E/G ratio of 1.72 and a beta of 0.59. The stock’s 50 day simple moving average is $53.99 and its 200-day simple moving average is $44.56. Ovintiv Inc. has a 1-year low of $32.16 and a 1-year high of $62.60. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54.

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

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, March 13th. Ovintiv’s payout ratio is currently 24.79%.

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.