Pacific Heights Asset Management LLC Buys 95,000 Shares of Ovintiv Inc. $OVV

Pacific Heights Asset Management LLC raised its position in shares of Ovintiv Inc. (NYSE:OVV) by 24.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 485,000 shares of the company’s stock after acquiring an additional 95,000 shares during the period. Pacific Heights Asset Management LLC owned approximately 0.19% of Ovintiv worth $19,584,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Adage Capital Partners GP L.L.C. boosted its stake in shares of 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 during the period. Evergreen Capital Management LLC purchased a new stake in Ovintiv in the 3rd quarter worth about $60,866,000. Qube Research & Technologies Ltd bought a new stake in Ovintiv in the second quarter worth about $41,701,000. Orion Porfolio Solutions LLC lifted its stake in Ovintiv by 1,599.3% in the second quarter. Orion Porfolio Solutions LLC now owns 651,038 shares of the company’s stock worth $24,772,000 after purchasing an additional 612,725 shares during the last quarter. Finally, Panagora Asset Management Inc. boosted its position in shares of Ovintiv by 116.3% during the second quarter. Panagora Asset Management Inc. now owns 927,525 shares of the company’s stock valued at $35,292,000 after buying an additional 498,661 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Insiders Place Their Bets

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the transaction, the chief operating officer directly owned 105,867 shares in the company, valued at $4,269,616.11. This represents a 32.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.89% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Royal Bank Of Canada set a $55.00 price target on Ovintiv and gave the stock an “outperform” rating in a report on Wednesday, October 15th. UBS Group boosted their price objective on Ovintiv from $54.00 to $55.00 and gave the company a “buy” rating in a report on Friday, December 12th. Zacks Research upgraded Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. Wells Fargo & Company lifted their target price on Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 18th. Finally, Roth Capital initiated coverage on shares of Ovintiv in a research note on Monday, October 13th. They set a “neutral” rating and a $42.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.41.

Ovintiv Stock Down 0.6%

Shares of NYSE:OVV opened at $39.71 on Tuesday. The business’s 50 day moving average is $39.42 and its 200 day moving average is $39.73. The stock has a market cap of $10.06 billion, a P/E 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.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share 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 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, December 15th. Ovintiv’s payout ratio is presently 131.87%.

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.