NorthCrest Asset Manangement LLC Takes $542,000 Position in Ovintiv Inc. $OVV

NorthCrest Asset Manangement LLC purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 13,659 shares of the company’s stock, valued at approximately $542,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in shares of Ovintiv by 3.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 9,571,397 shares of the company’s stock valued at $364,192,000 after acquiring an additional 312,827 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Ovintiv by 7.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 5,238,681 shares of the company’s stock worth $199,441,000 after acquiring an additional 368,249 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in Ovintiv by 143.8% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock worth $142,278,000 after purchasing an additional 2,205,233 shares in the last quarter. Holocene Advisors LP boosted its position in shares of Ovintiv by 11.6% during the second quarter. Holocene Advisors LP now owns 2,493,370 shares of the company’s stock worth $94,873,000 after buying an additional 258,796 shares during the period. Finally, Merewether Investment Management LP grew its stake in shares of Ovintiv by 17.2% during the 2nd quarter. Merewether Investment Management LP now owns 2,146,196 shares of the company’s stock worth $81,663,000 after acquiring an additional 315,331 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Performance

NYSE OVV opened at $40.72 on Friday. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.43. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $46.35. The company has a market cap of $10.31 billion, a P/E ratio of 44.75, a PEG ratio of 2.41 and a beta of 0.76. The company has a fifty day simple moving average of $39.51 and a 200 day simple moving average of $39.74.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%.The business had revenue of $2.07 billion during the quarter, compared to analyst estimates of $1.86 billion. Sell-side analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were paid a $0.30 dividend. The ex-dividend date was Monday, December 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. Ovintiv’s dividend payout ratio (DPR) is presently 131.87%.

Insiders Place Their Bets

In related news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction on Friday, December 12th. The stock was sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the sale, the chief operating officer directly owned 105,867 shares in the company, valued at approximately $4,269,616.11. The trade was a 32.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on OVV. Roth Mkm began coverage on Ovintiv in a report on Monday, October 13th. They issued a “neutral” rating and a $42.00 price objective for the company. Evercore ISI restated an “outperform” rating and set a $47.00 price objective on shares of Ovintiv in a report on Thursday, November 6th. National Bankshares dropped their price objective on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday, October 22nd. JPMorgan Chase & Co. cut their price objective on shares of Ovintiv from $50.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, October 3rd. Finally, Jefferies Financial Group reissued a “buy” rating and set a $54.00 price target on shares of Ovintiv in a report on Saturday, January 17th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.82.

Ovintiv Company 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.