Pacific Heights Asset Management LLC Raises Holdings in Ovintiv Inc. $OVV

Pacific Heights Asset Management LLC boosted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 24.4% in the third quarter, Holdings Channel reports. The institutional investor owned 485,000 shares of the company’s stock after acquiring an additional 95,000 shares during the period. Pacific Heights Asset Management LLC’s holdings in Ovintiv were worth $19,584,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. McIlrath & Eck LLC purchased a new position in shares of Ovintiv in the 3rd quarter valued at $31,000. IFP Advisors Inc boosted its position in Ovintiv by 316.7% during the second quarter. IFP Advisors Inc now owns 846 shares of the company’s stock valued at $32,000 after purchasing an additional 643 shares in the last quarter. Dogwood Wealth Management LLC purchased a new position in Ovintiv in the second quarter valued at about $35,000. HM Payson & Co. bought a new position in Ovintiv in the third quarter worth about $36,000. Finally, Quent Capital LLC bought a new position in Ovintiv in the third quarter worth about $37,000. Institutional investors own 83.81% of the company’s stock.

Insiders Place Their Bets

In other news, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $40.33, for a total value of $2,016,500.00. Following the transaction, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. This represents a 32.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.89% of the company’s stock.

Ovintiv Stock Down 0.6%

OVV stock opened at $39.71 on Tuesday. The stock has a market capitalization of $10.06 billion, a PE ratio of 43.64, a price-to-earnings-growth ratio of 2.13 and a beta of 0.76. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $46.35. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The firm has a 50 day moving average of $39.42 and a 200 day moving average of $39.73.

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

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. Ovintiv’s payout ratio is currently 131.87%.

Analyst Ratings Changes

A number of research firms have recently weighed in on OVV. Evercore ISI restated an “outperform” rating and issued a $47.00 price target on shares of Ovintiv in a report on Thursday, November 6th. JPMorgan Chase & Co. decreased their target price 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. Royal Bank Of Canada set a $55.00 target price on shares of Ovintiv and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Roth Capital assumed coverage on shares of Ovintiv in a report on Monday, October 13th. They issued a “neutral” rating and a $42.00 price target on the stock. Finally, UBS Group upped their price target on Ovintiv from $54.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.41.

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.