Empowered Funds LLC Takes Position in Ovintiv Inc. $OVV

Empowered Funds LLC acquired a new stake in Ovintiv Inc. (NYSE:OVV) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 100,080 shares of the company’s stock, valued at approximately $5,269,000.

Several other hedge funds also recently added to or reduced their stakes in the business. UBS Group AG raised its position 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 purchasing an additional 76,846 shares during the period. Hillsdale Investment Management Inc. grew its holdings in shares of 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 purchasing an additional 142,800 shares during the period. Intech Investment Management LLC acquired a new stake in shares of Ovintiv during the 4th quarter worth about $5,045,000. Pacific Heights Asset Management LLC increased its position in shares of Ovintiv by 23.7% during 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 during the last quarter. Finally, PensionDanmark Pensionsforsikringsaktieselskab acquired a new stake in shares of Ovintiv during the 2nd quarter worth about $4,738,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Ovintiv

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the firm’s stock in a transaction that occurred on 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 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

OVV has been the topic of a number of recent analyst reports. Citigroup upped their target price on shares of Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Royal Bank Of Canada increased their target price on shares of Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. UBS Group lifted their price target on shares of Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Mizuho boosted their price target on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, Wells Fargo & Company decreased their price objective on shares of Ovintiv from $80.00 to $78.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $66.89.

Ovintiv Price Performance

OVV opened at $65.75 on Tuesday. The stock’s 50-day moving average price is $59.54 and its 200 day moving average price is $57.11. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month 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 has a market cap of $18.11 billion, a price-to-earnings ratio of 18.57 and a beta of 0.53.

Ovintiv (NYSE:OVV) last announced its earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The firm had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. As a group, sell-side analysts expect that Ovintiv Inc. will post 7.09 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders 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 dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s dividend payout ratio is currently 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.