62,011 Shares in Ovintiv Inc. $OVV Purchased by NFJ Investment Group LLC

NFJ Investment Group LLC purchased a new stake in Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 62,011 shares of the company’s stock, valued at approximately $3,265,000.

Other hedge funds have also added to or reduced their stakes in the company. UBS Group AG grew its stake in shares of Ovintiv by 8.3% in the 4th quarter. UBS Group AG now owns 997,177 shares of the company’s stock worth $39,079,000 after acquiring an additional 76,846 shares in the last quarter. Hillsdale Investment Management Inc. lifted its position in shares of Ovintiv by 317.3% during the fourth quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company’s stock valued at $7,373,000 after purchasing an additional 142,800 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Ovintiv during the fourth quarter valued at about $5,045,000. Pacific Heights Asset Management LLC boosted its holdings in Ovintiv by 23.7% during the fourth quarter. Pacific Heights Asset Management LLC now owns 600,000 shares of the company’s stock worth $23,514,000 after purchasing an additional 115,000 shares during the last quarter. Finally, PensionDanmark Pensionsforsikringsaktieselskab purchased a new position in Ovintiv during the second quarter worth about $4,738,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Up 1.7%

OVV opened at $66.69 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The stock has a market cap of $18.37 billion, a price-to-earnings ratio of 18.84 and a beta of 0.53. Ovintiv Inc. has a twelve month low of $35.47 and a twelve month high of $67.39. The company’s 50-day moving average price is $57.95 and its two-hundred day moving average price is $56.12.

Ovintiv (NYSE:OVV) last released its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. As a group, equities analysts expect that Ovintiv Inc. will post 6.83 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 annualized dividend and a yield of 1.8%. Ovintiv’s dividend payout ratio is presently 33.90%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on OVV shares. Morgan Stanley set a $67.00 price objective on shares of Ovintiv in a research note on Wednesday. Roth Capital increased their price target on Ovintiv from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday, June 24th. Mizuho increased their price target on Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. National Bank Financial lifted their price target on Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Finally, Stephens reissued a “positive” rating and issued a $69.00 price objective on shares of Ovintiv in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $66.89.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president directly owned 72,530 shares of the company’s stock, valued at $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.85% 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.