HITE Hedge Asset Management LLC Acquires New Position in Ovintiv Inc. $OVV

HITE Hedge Asset Management LLC acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV) during the 4th quarter, Holdings Channel reports. The fund acquired 794,980 shares of the company’s stock, valued at approximately $31,155,000. Ovintiv accounts for about 2.0% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 15th largest holding.

Several other institutional investors also recently bought and sold shares of OVV. Deseret Mutual Benefit Administrators lifted its holdings in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after purchasing an additional 287 shares in the last quarter. Fiduciary Financial Group LLC lifted its holdings in Ovintiv by 3.2% during the fourth 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. lifted its holdings in Ovintiv by 2.3% during the third 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. Steward Partners Investment Advisory LLC lifted its holdings in Ovintiv by 9.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company’s stock valued at $163,000 after purchasing an additional 362 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Ovintiv by 12.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,785 shares of the company’s stock valued at $148,000 after purchasing an additional 407 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on OVV. JPMorgan Chase & Co. began coverage on shares of Ovintiv in a report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 price target on the stock. Barclays lifted their price target on shares of Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Zacks Research raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. TD Cowen lifted their price target on shares of Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. Finally, Roth Mkm lifted 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. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $63.00.

Ovintiv Trading Up 1.4%

Ovintiv stock opened at $57.33 on Friday. The stock has a market cap of $16.11 billion, a P/E ratio of 18.49 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $63.46. The firm’s 50 day moving average price is $57.76 and its 200-day moving average price is $49.84.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.15. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. On average, equities analysts predict that Ovintiv Inc. will post 8.15 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, June 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.1%. Ovintiv’s dividend payout ratio (DPR) is presently 38.71%.

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.