Encore Global Management LP Takes Position in Ovintiv Inc. $OVV

Encore Global Management LP acquired a new position in Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 14,000 shares of the company’s stock, valued at approximately $737,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allworth Financial LP purchased a new stake in Ovintiv during the second quarter valued at approximately $175,000. NFJ Investment Group LLC bought a new stake in shares of Ovintiv during the 2nd quarter valued at $3,265,000. Ceredex Value Advisors LLC purchased a new stake in shares of Ovintiv in the 2nd quarter worth $21,102,000. Vise Technologies Inc. purchased a new stake in shares of Ovintiv in the 2nd quarter worth $1,246,000. Finally, Denali Advisors LLC bought a new position in Ovintiv in the 2nd quarter worth $362,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Up 0.3%

OVV opened at $66.87 on Friday. The stock has a market cap of $18.42 billion, a price-to-earnings ratio of 18.89 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The firm’s fifty day moving average is $58.14 and its 200 day moving average is $56.20. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $67.44.

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

Ovintiv Announces Dividend

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

Insider Activity

In related news, EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.85% of the company’s stock.

Wall Street Analyst Weigh In

OVV has been the topic of several analyst reports. Morgan Stanley set a $67.00 target price on Ovintiv in a research report on Wednesday. Roth Capital upped their price target on Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 24th. Barclays raised their price objective on Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Zacks Research downgraded Ovintiv from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Finally, Texas Capital upgraded Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average 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.