Pacific Heights Asset Management LLC Purchases Shares of 650,000 Ovintiv Inc. $OVV

Pacific Heights Asset Management LLC purchased a new stake in Ovintiv Inc. (NYSE:OVV) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 650,000 shares of the company’s stock, valued at approximately $34,222,000. Ovintiv makes up 1.1% of Pacific Heights Asset Management LLC’s holdings, making the stock its 25th largest holding.

Other large investors have also recently modified their holdings of the company. Steph & Co. purchased a new stake in Ovintiv during the first quarter valued at approximately $29,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Ovintiv during the second quarter worth $32,000. Aberdeen Wealth Management LLC acquired a new position in shares of Ovintiv during the second quarter worth $32,000. Los Angeles Capital Management LLC purchased a new stake in shares of Ovintiv during the 4th quarter valued at $46,000. Finally, Deseret Mutual Benefit Administrators lifted its holdings in shares of Ovintiv by 27.6% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after purchasing an additional 287 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Insider Activity

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the transaction, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.85% of the stock is currently owned by insiders.

Ovintiv Price Performance

Shares of OVV opened at $65.27 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The company’s fifty day moving average price is $59.07 and its 200-day moving average price is $56.85. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $67.44. The firm has a market capitalization of $17.98 billion, a PE ratio of 18.44 and a beta of 0.53.

Ovintiv (NYSE:OVV) last issued 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). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. On average, equities research analysts predict that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Announces Dividend

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

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Mizuho boosted their target price on Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Texas Capital upgraded Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. Wall Street Zen raised Ovintiv from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. Barclays boosted their price target on Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Finally, Weiss Ratings upgraded shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price 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.