Empowered Funds LLC Takes Position in Ovintiv Inc. $OVV

Empowered Funds LLC acquired a new position in Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 100,080 shares of the company’s stock, valued at approximately $5,269,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of OVV. UBS Group AG increased its stake in shares of Ovintiv by 8.3% in the fourth quarter. UBS Group AG now owns 997,177 shares of the company’s stock worth $39,079,000 after acquiring an additional 76,846 shares during the period. Hillsdale Investment Management Inc. raised its holdings in shares of Ovintiv by 317.3% during the fourth quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company’s stock worth $7,373,000 after purchasing an additional 142,800 shares during the last quarter. Intech Investment Management LLC acquired a new position in Ovintiv during the fourth quarter valued at $5,045,000. Pacific Heights Asset Management LLC lifted its position in Ovintiv by 23.7% during the fourth quarter. Pacific Heights Asset Management LLC now owns 600,000 shares of the company’s stock valued at $23,514,000 after purchasing an additional 115,000 shares during the period. Finally, PensionDanmark Pensionsforsikringsaktieselskab acquired a new position in Ovintiv during the second quarter valued at $4,738,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Price Performance

NYSE:OVV opened at $65.75 on Tuesday. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $67.44. The stock has a 50 day moving average of $59.54 and a two-hundred day moving average of $57.11. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The firm has a market cap of $18.11 billion, a P/E ratio of 18.57 and a beta of 0.53.

Ovintiv (NYSE:OVV) last released its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The business had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. On average, analysts expect that Ovintiv Inc. will post 7.09 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s payout ratio is currently 33.90%.

Insider Activity at Ovintiv

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.85% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on OVV. Zacks Research downgraded Ovintiv from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. UBS Group boosted their price objective on Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Weiss Ratings upgraded Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, July 28th. Morgan Stanley set a $67.00 target price on Ovintiv in a report on Wednesday, August 19th. Finally, Royal Bank Of Canada lifted their price target on Ovintiv from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and an average price target of $66.89.

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.