Freestone Grove Partners LP Purchases Shares of 298,653 Ovintiv Inc. $OVV

Freestone Grove Partners LP acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 298,653 shares of the company’s stock, valued at approximately $15,724,000. Freestone Grove Partners LP owned 0.11% of Ovintiv at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. UBS Group AG grew its stake in Ovintiv by 8.3% in the fourth 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. raised its position in shares of Ovintiv by 317.3% during the fourth quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company’s stock worth $7,373,000 after purchasing an additional 142,800 shares during the period. Intech Investment Management LLC acquired a new position in shares of Ovintiv during the fourth quarter worth approximately $5,045,000. Pacific Heights Asset Management LLC lifted its holdings 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 worth $23,514,000 after purchasing an additional 115,000 shares in the last quarter. Finally, PensionDanmark Pensionsforsikringsaktieselskab acquired a new stake in Ovintiv in the 2nd quarter valued at $4,738,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $65.27 on Friday. 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 stock has a market cap of $17.98 billion, a PE ratio of 18.44 and a beta of 0.53. The stock’s fifty day simple moving average is $59.07 and its two-hundred day simple moving average is $56.85. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $67.44.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data 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 firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. As a group, analysts forecast that Ovintiv Inc. will post 7.09 EPS for the current fiscal year.

Ovintiv Announces Dividend

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

Analyst Ratings Changes

Several research firms have weighed in on OVV. Stephens restated a “positive” rating and set a $69.00 price objective on shares of Ovintiv in a report on Friday, July 24th. Texas Capital upgraded shares of Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. Wells Fargo & Company decreased their target price on shares of Ovintiv from $80.00 to $78.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Barclays upped 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. Finally, Truist Financial reaffirmed a “buy” rating and issued a $73.00 price target (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $66.89.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the business’s stock in a transaction 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 transaction, the executive vice president owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.85% of the company’s stock.

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.