Oak Thistle LLC Cuts Position in Ovintiv Inc. $OVV

Oak Thistle LLC trimmed its position in shares of Ovintiv Inc. (NYSE:OVV) by 64.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 30,912 shares of the company’s stock after selling 56,615 shares during the period. Oak Thistle LLC’s holdings in Ovintiv were worth $1,211,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in shares of Ovintiv by 25.8% during the third quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock worth $379,165,000 after buying an additional 1,927,193 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Ovintiv by 12.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,888,500 shares of the company’s stock worth $237,747,000 after buying an additional 649,819 shares during the period. AQR Capital Management LLC increased its stake in shares of Ovintiv by 263.8% during the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after buying an additional 3,589,030 shares during the period. Adage Capital Partners GP L.L.C. increased its stake in Ovintiv by 143.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock valued at $142,278,000 after purchasing an additional 2,205,233 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Ovintiv by 8.6% in the third quarter. Bank of New York Mellon Corp now owns 2,740,750 shares of the company’s stock valued at $110,671,000 after purchasing an additional 216,153 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on OVV shares. The Goldman Sachs Group increased their price target on shares of Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Citigroup reiterated a “neutral” rating and issued a $62.00 price target (up from $52.00) on shares of Ovintiv in a research note on Monday, March 30th. UBS Group dropped their price target on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a research note on Thursday. TD Cowen increased their price target on shares of Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th. Finally, Stephens upgraded shares of Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.26.

Insider Activity at Ovintiv

In other news, Director Howard John Mayson sold 5,000 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the sale, the executive vice president directly owned 54,092 shares of the company’s stock, valued at $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.70% of the stock is currently owned by corporate insiders.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $56.10 on Friday. The firm has a market capitalization of $15.90 billion, a P/E ratio of 11.59, a P/E/G ratio of 1.87 and a beta of 0.59. Ovintiv Inc. has a 52 week low of $30.77 and a 52 week high of $62.60. The firm’s 50 day moving average is $52.72 and its two-hundred day moving average is $43.96. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.41. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same period in the prior year, the company earned ($0.23) earnings per share. Research analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were issued a $0.30 dividend. 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 presently 24.79%.

Ovintiv 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.