Wellington Management Group LLP Grows Holdings in Ovintiv Inc. $OVV

Wellington Management Group LLP increased its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 42.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,577,210 shares of the company’s stock after purchasing an additional 470,241 shares during the period. Wellington Management Group LLP owned 0.57% of Ovintiv worth $83,040,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of OVV. UBS Group AG increased its position in Ovintiv by 8.3% in the 4th quarter. UBS Group AG now owns 997,177 shares of the company’s stock valued at $39,079,000 after acquiring an additional 76,846 shares during the period. Hillsdale Investment Management Inc. lifted its position in Ovintiv by 317.3% during the 4th quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company’s stock worth $7,373,000 after acquiring an additional 142,800 shares during the period. Intech Investment Management LLC purchased a new position in shares of Ovintiv in the 4th quarter valued at approximately $5,045,000. Pacific Heights Asset Management LLC grew its stake in shares of Ovintiv by 23.7% in the 4th quarter. Pacific Heights Asset Management LLC now owns 600,000 shares of the company’s stock valued at $23,514,000 after purchasing an additional 115,000 shares during the last quarter. Finally, PensionDanmark Pensionsforsikringsaktieselskab purchased a new stake in shares of Ovintiv during the second quarter worth approximately $4,738,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on OVV shares. Zacks Research downgraded Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Truist Financial restated a “buy” rating and set a $73.00 price objective (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. Scotiabank upgraded shares of Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th. Roth Capital lifted their target price on shares of Ovintiv from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, June 24th. Finally, Stephens reiterated a “positive” rating and set a $69.00 price target on shares of Ovintiv in a research note on Friday, July 24th. One investment 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. Based on data from MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and a consensus price target of $66.95.

Insider Transactions at Ovintiv

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the transaction, the executive vice president directly 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.85% of the company’s stock.

Ovintiv Price Performance

Shares of NYSE OVV opened at $66.87 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. Ovintiv Inc. has a one year low of $35.47 and a one year high of $67.51. The firm has a market capitalization of $18.42 billion, a P/E ratio of 18.89 and a beta of 0.53. The company’s fifty day moving average is $60.05 and its two-hundred day moving average is $57.39.

Ovintiv (NYSE:OVV) last announced 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). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The company had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Analysts forecast that Ovintiv Inc. will post 7.09 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given 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 is presently 33.90%.

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.