Vise Technologies Inc. Buys New Shares in Ovintiv Inc. $OVV

Vise Technologies Inc. bought a new position in Ovintiv Inc. (NYSE:OVV) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 23,674 shares of the company’s stock, valued at approximately $1,246,000.

Several other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Ovintiv during the second quarter valued at about $1,422,959,000. AQR Capital Management LLC increased its holdings in shares of 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 lifted its stake 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 valued at $223,101,000 after acquiring an additional 3,060,691 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Ovintiv in the 2nd quarter valued at about $124,308,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Ovintiv by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after acquiring an additional 1,669,469 shares during the period. 83.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

OVV has been the topic of several recent research reports. Zacks Research lowered Ovintiv from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Mizuho boosted their price objective on Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Barclays raised their target price on shares of Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Truist Financial reaffirmed a “buy” rating and issued a $73.00 target price (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. Finally, Scotiabank upgraded shares of Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday, May 20th. One investment 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 company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.89.

Insider Activity

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.85% of the company’s stock.

Ovintiv Trading Up 0.3%

Shares of OVV opened at $66.87 on Friday. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year 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 firm’s 50-day moving average price is $58.14 and its 200-day moving average price is $56.20. The firm has a market capitalization of $18.42 billion, a price-to-earnings ratio of 18.89 and a beta of 0.53.

Ovintiv (NYSE:OVV) last released 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 return on equity of 14.84% and a net margin of 9.43%.The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Sell-side analysts anticipate that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Announces Dividend

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

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.