GW&K Investment Management LLC Has $31.66 Million Stock Position in Ovintiv Inc. $OVV

GW&K Investment Management LLC lessened its position in shares of Ovintiv Inc. (NYSE:OVV) by 4.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 783,954 shares of the company’s stock after selling 37,989 shares during the quarter. GW&K Investment Management LLC owned approximately 0.31% of Ovintiv worth $31,656,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. McIlrath & Eck LLC bought a new stake in shares of Ovintiv in the 3rd quarter valued at $31,000. HM Payson & Co. acquired a new position in Ovintiv in the third quarter valued at $36,000. Quent Capital LLC acquired a new position in Ovintiv in the third quarter valued at $37,000. MAI Capital Management boosted its position in Ovintiv by 174.6% during the second quarter. MAI Capital Management now owns 1,170 shares of the company’s stock valued at $45,000 after acquiring an additional 744 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in Ovintiv by 126.2% during the 2nd quarter. Allworth Financial LP now owns 1,624 shares of the company’s stock worth $62,000 after acquiring an additional 906 shares during the period. Institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OVV. Stephens raised Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. UBS Group boosted their price target on Ovintiv from $61.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday. Zacks Research raised shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Scotiabank upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Finally, Wells Fargo & Company increased their target price on shares of Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 18th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.88.

Insider Activity

In related news, COO Gregory Dean Givens sold 50,000 shares of the company’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the sale, the chief operating officer owned 105,867 shares in the company, valued at $4,269,616.11. This represents a 32.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the transaction, the director directly owned 45,780 shares in the company, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.70% of the company’s stock.

Ovintiv Trading Up 1.8%

NYSE OVV opened at $52.67 on Friday. 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 Inc. has a 52 week low of $29.80 and a 52 week high of $53.21. The business has a 50 day moving average price of $44.00 and a 200-day moving average price of $41.17. The company has a market cap of $14.92 billion, a price-to-earnings ratio of 10.88, a P/E/G ratio of 2.80 and a beta of 0.69.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) 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 net margin of 13.94% and a return on equity of 12.00%. During the same quarter last year, the firm posted ($0.23) EPS. As a group, equities analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.3%. Ovintiv’s payout ratio is presently 24.79%.

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.