Algert Global LLC Acquires 213,511 Shares of Ovintiv Inc. $OVV

Algert Global LLC lifted its holdings in Ovintiv Inc. (NYSE:OVV) by 730.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 242,761 shares of the company’s stock after purchasing an additional 213,511 shares during the period. Algert Global LLC owned about 0.10% of Ovintiv worth $9,803,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. McIlrath & Eck LLC bought a new position in shares of Ovintiv in the 3rd quarter worth $31,000. HM Payson & Co. purchased a new stake in shares of Ovintiv during the third quarter valued at about $36,000. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Ovintiv in the 3rd quarter valued at about $36,000. Quent Capital LLC bought a new stake in shares of Ovintiv in the 3rd quarter valued at about $37,000. Finally, MAI Capital Management grew its position in shares of Ovintiv by 174.6% in the 2nd quarter. MAI Capital Management now owns 1,170 shares of the company’s stock worth $45,000 after buying an additional 744 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Performance

OVV opened at $55.40 on Monday. The company has a current ratio of 0.54, a quick 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 firm has a 50 day moving average of $45.78 and a two-hundred day moving average of $41.78. The firm has a market capitalization of $15.70 billion, a PE ratio of 11.45, a P/E/G ratio of 3.01 and a beta of 0.69.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, February 23rd. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $0.98 by $0.41. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. During the same period in the prior year, the firm earned ($0.23) EPS. On average, analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

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

Insider Buying and Selling

In related news, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the sale, the director directly owned 45,780 shares of the company’s stock, valued at $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.89% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on OVV shares. Scotiabank upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Jefferies Financial Group restated a “buy” rating and issued a $54.00 target price on shares of Ovintiv in a research note on Saturday, January 17th. Wells Fargo & Company lifted 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. Citigroup reduced their price target on Ovintiv from $54.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Finally, JPMorgan Chase & Co. began coverage on Ovintiv in a research report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.53.

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.