State of Wyoming Makes New Investment in Ovintiv Inc. $OVV

State of Wyoming bought a new stake in Ovintiv Inc. (NYSE:OVV) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,263 shares of the company’s stock, valued at approximately $540,000.

Several other institutional investors also recently made changes to their positions in the stock. Integrated Wealth Concepts LLC lifted its stake in shares of Ovintiv by 70.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after purchasing an additional 3,788 shares during the period. Great Lakes Advisors LLC acquired a new position in Ovintiv during the first quarter worth about $202,000. Focus Partners Wealth increased its holdings in Ovintiv by 49.3% in the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after buying an additional 6,364 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in Ovintiv by 47.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after buying an additional 589 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Ovintiv by 103.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock valued at $126,000 after acquiring an additional 1,675 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Price Performance

OVV stock opened at $63.81 on Tuesday. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $64.61. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The stock’s 50 day moving average price is $57.43 and its 200 day moving average price is $55.65. The firm has a market cap of $17.58 billion, a P/E ratio of 18.03 and a beta of 0.53.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The company had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.37 billion. On average, sell-side analysts expect that Ovintiv Inc. will post 6.83 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio is 33.90%.

Wall Street Analyst Weigh In

OVV has been the topic of a number of research reports. Morgan Stanley lowered their price target on Ovintiv from $68.00 to $65.00 and set an “equal weight” rating on the stock in a report on Monday, June 29th. Royal Bank Of Canada lifted their price objective on Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. UBS Group boosted their target price on Ovintiv from $71.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Weiss Ratings raised Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Finally, Stephens restated a “positive” rating and issued a $69.00 price target on shares of Ovintiv in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $66.79.

Insider Transactions at Ovintiv

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the firm’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 sale, the executive vice president directly owned 72,530 shares of the company’s stock, valued at $4,592,599.60. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.85% of the company’s stock.

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.