Northwestern Mutual Wealth Management Co. Increases Stake in Ovintiv Inc. $OVV

Northwestern Mutual Wealth Management Co. raised its position in Ovintiv Inc. (NYSE:OVV) by 17,167.7% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 583,304 shares of the company’s stock after purchasing an additional 579,926 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Ovintiv were worth $22,860,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Foster Dykema Cabot & Partners LLC purchased a new position in Ovintiv in the 3rd quarter valued at $36,000. Flagship Harbor Advisors LLC purchased a new position in shares of Ovintiv during the 4th quarter worth $38,000. IFP Advisors Inc raised its holdings in shares of Ovintiv by 58.4% during the 3rd quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock worth $54,000 after acquiring an additional 494 shares during the period. Advisory Services Network LLC purchased a new position in shares of Ovintiv during the 3rd quarter worth $58,000. Finally, CIBC Private Wealth Group LLC raised its holdings in shares of Ovintiv by 258.2% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,576 shares of the company’s stock worth $64,000 after acquiring an additional 1,136 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Insider Transactions at Ovintiv

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the completion of the transaction, the executive vice president directly owned 54,092 shares of the company’s stock, valued at approximately $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the transaction, the director directly owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.85% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Bank of America lifted their price target on Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Morgan Stanley assumed coverage on Ovintiv in a report on Friday, March 27th. They set an “equal weight” rating and a $68.00 price target on the stock. UBS Group reduced their price target on Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday, April 9th. Roth Mkm lifted their price target on Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $70.00 price target on shares of Ovintiv in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.16.

Ovintiv Stock Performance

NYSE OVV opened at $60.89 on Wednesday. The company has a market cap of $17.11 billion, a P/E ratio of 19.64 and a beta of 0.57. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a 50-day moving average of $57.58 and a two-hundred day moving average of $47.46. Ovintiv Inc. has a 1-year low of $34.88 and a 1-year high of $63.46.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Monday, May 11th. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%.The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. As a group, analysts anticipate that Ovintiv Inc. will post 8.27 EPS for the current year.

Ovintiv Dividend Announcement

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 of this dividend is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. Ovintiv’s payout ratio is currently 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.