The Manufacturers Life Insurance Company Takes $12.38 Million Position in Ovintiv Inc. $OVV

The Manufacturers Life Insurance Company acquired a new stake in Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 235,044 shares of the company’s stock, valued at approximately $12,375,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Steph & Co. bought a new position in Ovintiv during the 1st quarter worth about $29,000. Aberdeen Wealth Management LLC bought a new stake in shares of Ovintiv in the 2nd quarter valued at about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Ovintiv in the 2nd quarter valued at about $32,000. Root Financial Partners LLC lifted its position in shares of Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after purchasing an additional 277 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Ovintiv in the 4th quarter worth approximately $46,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ovintiv

In related news, EVP Rachel Maureen Moore sold 7,753 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. The trade was a 9.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.85% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Truist Financial reissued a “buy” rating and set a $73.00 price objective (up from $66.00) on shares of Ovintiv in a report on Monday, July 27th. Weiss Ratings upgraded Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Texas Capital raised Ovintiv to a “strong-buy” rating in a research report on Thursday, June 25th. Morgan Stanley set a $67.00 price target on Ovintiv in a report on Wednesday, August 19th. Finally, Zacks Research lowered Ovintiv from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. One 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.89.

Ovintiv Stock Down 0.9%

NYSE:OVV opened at $64.59 on Friday. The company’s 50-day simple moving average is $59.32 and its 200-day simple moving average is $56.90. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $67.44. The stock has a market capitalization of $17.79 billion, a P/E ratio of 18.25 and a beta of 0.53.

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

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given 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 1.9%. Ovintiv’s dividend payout ratio (DPR) is presently 33.90%.

Ovintiv Company 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.