Fisher Asset Management LLC Has $18.71 Million Stock Holdings in Ovintiv Inc. $OVV

Fisher Asset Management LLC cut its stake in shares of Ovintiv Inc. (NYSE:OVV) by 7.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 463,441 shares of the company’s stock after selling 35,451 shares during the period. Fisher Asset Management LLC owned about 0.18% of Ovintiv worth $18,714,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. PNC Financial Services Group Inc. raised 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 acquiring an additional 340 shares in the last quarter. KLP Kapitalforvaltning AS raised its holdings in 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 acquiring an additional 400 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Ovintiv by 3.8% during the 2nd quarter. ProShare Advisors LLC now owns 11,518 shares of the company’s stock worth $438,000 after purchasing an additional 427 shares in the last quarter. Forum Financial Management LP increased its position in shares of Ovintiv by 5.2% during the third 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 during the period. Finally, Illinois Municipal Retirement Fund raised its stake in shares of Ovintiv by 0.9% in the third quarter. Illinois Municipal Retirement Fund now owns 58,640 shares of the company’s stock valued at $2,368,000 after purchasing an additional 499 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Evercore reiterated an “outperform” rating and set a $47.00 price target on shares of Ovintiv in a research note on Thursday, November 6th. William Blair assumed coverage on shares of Ovintiv in a research report on Wednesday, November 26th. They set an “outperform” rating and a $50.00 target price on the stock. TD Cowen raised shares of Ovintiv to a “strong-buy” rating in a research report on Monday, February 9th. Stephens raised Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Finally, Scotiabank raised Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $52.41.

Insiders Place Their Bets

In other news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the transaction, the chief operating officer directly owned 105,867 shares in the company, valued at $4,269,616.11. The trade was a 32.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.70% of the company’s stock.

Ovintiv Stock Down 0.1%

Ovintiv stock opened at $51.72 on Thursday. The firm has a market capitalization of $14.65 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 2.80 and a beta of 0.69. The company’s 50 day simple moving average is $43.71 and its 200 day simple moving average is $41.09. 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 Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $53.21.

Ovintiv (NYSE:OVV) last posted its earnings results on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the prior year, the business earned ($0.23) EPS. As a group, sell-side analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.3%. Ovintiv’s dividend payout ratio (DPR) is currently 24.79%.

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.