Pacific Heights Asset Management LLC Boosts Position in Ovintiv Inc. $OVV

Pacific Heights Asset Management LLC boosted its position in shares of Ovintiv Inc. (NYSE:OVV) by 23.7% during the fourth quarter, Holdings Channel reports. The firm owned 600,000 shares of the company’s stock after buying an additional 115,000 shares during the quarter. Pacific Heights Asset Management LLC’s holdings in Ovintiv were worth $23,514,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of OVV. Citigroup Inc. increased its holdings in shares of Ovintiv by 42.1% during the third quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock valued at $7,030,000 after purchasing an additional 51,562 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Ovintiv by 296.2% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 79,012 shares of the company’s stock valued at $3,134,000 after purchasing an additional 59,069 shares during the period. Hillsdale Investment Management Inc. acquired a new position in shares of Ovintiv during the third quarter valued at $1,816,000. BCS Private Wealth Management Inc. acquired a new position in shares of Ovintiv during the fourth quarter valued at $976,000. Finally, Allianz Asset Management GmbH increased its holdings in shares of Ovintiv by 15.7% during the third quarter. Allianz Asset Management GmbH now owns 1,733,549 shares of the company’s stock valued at $70,001,000 after purchasing an additional 235,633 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Ovintiv

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv 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 of the company’s stock, valued at approximately $2,963,159.76. This trade represents a 17.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Howard John Mayson sold 5,000 shares of Ovintiv 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 completion of the transaction, the director directly owned 45,780 shares in the company, valued at $2,398,414.20. This represents a 9.85% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.85% of the company’s stock.

Analyst Ratings Changes

OVV has been the topic of a number of research analyst reports. Weiss Ratings lowered Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a report on Tuesday, May 12th. Stephens raised Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $70.00 target price on shares of Ovintiv in a report on Wednesday, May 13th. Scotiabank lifted their target price on Ovintiv from $65.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Tuesday, May 12th. Finally, National Bank Financial lifted their target price on Ovintiv from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Fourteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $62.16.

Ovintiv Trading Up 0.0%

Shares of OVV opened at $60.03 on Monday. The business’s 50-day moving average price is $57.26 and its 200 day moving average price is $47.12. The stock has a market capitalization of $16.87 billion, a P/E ratio of 19.36 and a beta of 0.57. Ovintiv Inc. has a 1-year low of $34.88 and a 1-year high of $63.46. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. Analysts expect that Ovintiv Inc. will post 8.27 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.0%. Ovintiv’s dividend payout ratio (DPR) is currently 38.71%.

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.