Ovintiv Inc. $OVV Shares Bought by Denali Advisors LLC

Denali Advisors LLC raised its position in shares of Ovintiv Inc. (NYSE:OVV) by 122.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 24,441 shares of the company’s stock after buying an additional 13,462 shares during the period. Denali Advisors LLC’s holdings in Ovintiv were worth $958,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Fiduciary Financial Group LLC lifted its stake in Ovintiv by 3.2% during the 4th quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock worth $371,000 after acquiring an additional 297 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Ovintiv by 2.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 14,834 shares of the company’s stock valued at $599,000 after acquiring an additional 340 shares during the period. KLP Kapitalforvaltning AS grew its position in Ovintiv by 0.6% in the 3rd quarter. KLP Kapitalforvaltning AS now owns 63,400 shares of the company’s stock valued at $2,560,000 after acquiring an additional 400 shares in the last quarter. Forum Financial Management LP increased its stake in Ovintiv by 5.2% during the third quarter. Forum Financial Management LP now owns 9,402 shares of the company’s stock worth $380,000 after purchasing an additional 464 shares during the period. Finally, IFP Advisors Inc increased its stake in Ovintiv by 58.4% during the third quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock worth $54,000 after purchasing an additional 494 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of the stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $54.78, for a total value of $634,461.96. Following the transaction, the executive vice president owned 54,092 shares in the company, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Howard John Mayson sold 5,000 shares of the firm’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 sale, the director directly owned 45,780 shares in the company, valued at $2,398,414.20. This trade represents a 9.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.85% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on OVV. Jefferies Financial Group reissued a “buy” rating and issued a $54.00 price objective on shares of Ovintiv in a research note on Saturday, January 17th. Mizuho upped their target price on shares of Ovintiv from $55.00 to $68.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 17th. Truist Financial increased their target price on shares of Ovintiv from $70.00 to $72.00 and gave the stock a “buy” rating in a report on Monday, April 13th. Stephens raised shares of Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. Finally, Scotiabank boosted their price target on shares of Ovintiv from $58.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Thursday, March 19th. Fifteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and an average target price of $60.42.

Ovintiv Price Performance

Shares of OVV opened at $57.82 on Friday. Ovintiv Inc. has a twelve month low of $34.88 and a twelve month high of $63.46. The firm’s fifty day simple moving average is $56.34 and its 200-day simple moving average is $46.22. The firm has a market capitalization of $16.38 billion, a price-to-earnings ratio of 11.95, a PEG ratio of 1.94 and a beta of 0.57. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

Ovintiv (NYSE:OVV) last issued its earnings results on Monday, February 23rd. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.41. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.89 billion. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. During the same quarter in the previous year, the firm posted ($0.23) earnings per share. Equities analysts forecast that Ovintiv Inc. will post 6.35 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, March 13th. Ovintiv’s dividend payout ratio is currently 24.79%.

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.