Ovintiv Inc. $OVV Shares Acquired by DAVENPORT & Co LLC

DAVENPORT & Co LLC lifted its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 60.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,424 shares of the company’s stock after purchasing an additional 11,045 shares during the period. DAVENPORT & Co LLC’s holdings in Ovintiv were worth $1,153,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Citigroup Inc. lifted its position in shares of Ovintiv by 42.1% in the third quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock valued at $7,030,000 after acquiring an additional 51,562 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Ovintiv by 296.2% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 79,012 shares of the company’s stock valued at $3,134,000 after acquiring an additional 59,069 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new stake in Ovintiv during the 3rd quarter worth about $1,816,000. Moody Aldrich Partners LLC increased its position in Ovintiv by 152.1% during the 3rd quarter. Moody Aldrich Partners LLC now owns 140,423 shares of the company’s stock worth $5,670,000 after purchasing an additional 84,730 shares in the last quarter. Finally, Savant Capital LLC raised its stake in Ovintiv by 412.9% in the 3rd quarter. Savant Capital LLC now owns 36,771 shares of the company’s stock valued at $1,485,000 after purchasing an additional 29,602 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

OVV stock opened at $62.09 on Monday. The company has a market cap of $17.59 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 2.34 and a beta of 0.69. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock has a 50-day moving average price of $49.59 and a two-hundred day moving average price of $42.91. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $62.60.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, February 23rd. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.41. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same period last year, the business posted ($0.23) EPS. As a group, research analysts predict that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, March 13th. Ovintiv’s dividend payout ratio is 24.79%.

Insider Activity at Ovintiv

In other Ovintiv news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction that occurred on Friday, March 13th. The shares were 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 of the company’s stock, valued at $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the transaction, the director directly owned 45,780 shares in the company, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on OVV. Mizuho upped their target price on shares of Ovintiv from $55.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, March 17th. Jefferies Financial Group reiterated a “buy” rating and set a $54.00 price target on shares of Ovintiv in a report on Saturday, January 17th. Roth Mkm boosted their price objective on shares of Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, February 24th. UBS Group upped their price objective on shares of Ovintiv from $61.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Finally, Scotiabank raised their target price on shares of Ovintiv from $58.00 to $65.00 and gave the stock a “sector outperform” rating in a research report on Thursday, March 19th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus price target of $58.11.

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.