Commerce Bank Makes New Investment in Ovintiv Inc. $OVV

Commerce Bank acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 11,492 shares of the company’s stock, valued at approximately $605,000.

Several other large investors have also bought and sold shares of OVV. Steph & Co. purchased a new position in shares of Ovintiv in the 1st quarter valued at approximately $29,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Ovintiv in the second quarter worth $32,000. Los Angeles Capital Management LLC bought a new position in Ovintiv in the fourth quarter worth $46,000. Deseret Mutual Benefit Administrators raised its holdings in Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after purchasing an additional 287 shares in the last quarter. Finally, Root Financial Partners LLC raised its holdings in Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after purchasing an additional 277 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

Ovintiv Trading Up 1.2%

NYSE OVV opened at $65.27 on Friday. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $67.44. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The stock’s fifty day moving average price is $59.07 and its 200-day moving average price is $56.85. The stock has a market cap of $17.98 billion, a P/E ratio of 18.44 and a beta of 0.53.

Ovintiv (NYSE:OVV) last issued its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. As a group, equities analysts forecast that Ovintiv Inc. will post 7.09 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.8%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio (DPR) is currently 33.90%.

Insider Activity at Ovintiv

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv 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 owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Barclays boosted their target price on shares of Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Wells Fargo & Company lowered their price target on shares of Ovintiv from $80.00 to $78.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Morgan Stanley set a $67.00 price objective on shares of Ovintiv in a research note on Wednesday, August 19th. Citigroup upped their price objective on shares of Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Finally, Truist Financial reaffirmed a “buy” rating and set a $73.00 target price (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $66.89.

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.