TrueMark Investments LLC Purchases New Position in Ovintiv Inc. $OVV

TrueMark Investments LLC purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 22,687 shares of the company’s stock, valued at approximately $889,000.

A number of other large investors have also added to or reduced their stakes in OVV. Dimensional Fund Advisors LP boosted its position in shares of Ovintiv by 25.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock valued at $379,165,000 after acquiring an additional 1,927,193 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Ovintiv by 12.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,888,500 shares of the company’s stock worth $237,747,000 after purchasing an additional 649,819 shares during the last quarter. AQR Capital Management LLC increased its position in Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after purchasing an additional 3,589,030 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its stake in Ovintiv by 143.8% during 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 in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Ovintiv by 8.6% during 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. Institutional investors own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Royal Bank Of Canada reissued an “outperform” rating and issued a $55.00 price objective on shares of Ovintiv in a research note on Thursday, February 19th. 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 report on Wednesday, March 11th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ovintiv in a research report on Monday, December 29th. Barclays boosted their price objective on Ovintiv from $58.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, March 16th. Finally, Stephens upgraded Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and an average price target of $58.11.

Ovintiv Trading Up 0.0%

OVV stock opened at $62.09 on Monday. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $62.60. The stock has a market capitalization of $17.59 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 2.34 and a beta of 0.69. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The firm’s fifty day simple moving average is $49.59 and its two-hundred day simple moving average is $42.91.

Ovintiv (NYSE:OVV) last released its earnings results on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.41. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the business earned ($0.23) EPS. As a group, analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.20 annualized dividend and a yield of 1.9%. Ovintiv’s dividend payout ratio (DPR) is presently 24.79%.

Insider Activity

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the transaction, the director owned 45,780 shares in the company, valued at $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s 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 transaction, the executive vice president directly owned 54,092 shares in the company, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their position. The SEC filing for this sale provides additional information. 1.70% of the stock is owned by company insiders.

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.