Paradiem LLC Sells 126,810 Shares of Ovintiv Inc. $OVV

Paradiem LLC lowered its stake in shares of Ovintiv Inc. (NYSE:OVV) by 96.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,344 shares of the company’s stock after selling 126,810 shares during the quarter. Paradiem LLC’s holdings in Ovintiv were worth $317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of OVV. AQR Capital Management LLC lifted its holdings in Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after buying an additional 3,589,030 shares during the period. Millennium Management LLC raised its position in shares of Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after acquiring an additional 3,060,691 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Ovintiv by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after purchasing an additional 1,669,469 shares during the period. Goldentree Asset Management LP purchased a new position in shares of Ovintiv in the 4th quarter valued at approximately $61,528,000. Finally, Freestone Grove Partners LP lifted its stake in shares of Ovintiv by 79.9% in the 4th quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company’s stock valued at $120,506,000 after purchasing an additional 1,365,535 shares during the period. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Performance

Ovintiv stock opened at $55.47 on Monday. Ovintiv Inc. has a twelve month low of $35.47 and a twelve month high of $63.46. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $15.59 billion, a P/E ratio of 17.89 and a beta of 0.53. The stock’s 50 day moving average is $56.54 and its 200 day moving average is $51.81.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, June 15th. Ovintiv’s dividend payout ratio is currently 38.71%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on OVV. Texas Capital raised Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. Wells Fargo & Company upgraded shares of Ovintiv from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $57.00 to $80.00 in a report on Monday, June 22nd. TD Cowen upped their target price on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, March 17th. Truist Financial decreased their price target on shares of Ovintiv from $72.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. Finally, Wall Street Zen cut shares of Ovintiv from a “buy” rating to a “hold” rating in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and an average target price of $64.37.

Ovintiv Company 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.