Sequoia Financial Advisors LLC Increases Stock Position in Ovintiv Inc. $OVV

Sequoia Financial Advisors LLC increased its holdings in Ovintiv Inc. (NYSE:OVV) by 72.9% during the third quarter, HoldingsChannel.com reports. The fund owned 32,694 shares of the company’s stock after buying an additional 13,783 shares during the period. Sequoia Financial Advisors LLC’s holdings in Ovintiv were worth $1,320,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the business. Adage Capital Partners GP L.L.C. increased its stake in Ovintiv by 143.8% in 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 during the period. Evergreen Capital Management LLC purchased a new position in shares of Ovintiv during the third quarter worth about $60,866,000. Qube Research & Technologies Ltd acquired a new position in Ovintiv in the 2nd quarter valued at about $41,701,000. Orion Porfolio Solutions LLC increased its position in Ovintiv by 1,599.3% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 651,038 shares of the company’s stock valued at $24,772,000 after acquiring an additional 612,725 shares during the period. Finally, Panagora Asset Management Inc. raised its stake in Ovintiv by 116.3% during the 2nd quarter. Panagora Asset Management Inc. now owns 927,525 shares of the company’s stock valued at $35,292,000 after acquiring an additional 498,661 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Price Performance

Ovintiv stock opened at $40.72 on Friday. The company has a market cap of $10.31 billion, a P/E ratio of 44.75, a price-to-earnings-growth ratio of 2.41 and a beta of 0.76. Ovintiv Inc. has a one year low of $29.80 and a one year high of $46.35. The business has a fifty day moving average of $39.51 and a two-hundred day moving average of $39.74. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.45 and a current ratio of 0.45.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%. The business had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $1.86 billion. As a group, analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Monday, December 15th. Ovintiv’s dividend payout ratio (DPR) is presently 131.87%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on OVV. National Bankshares lowered their target price on Ovintiv from $66.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 22nd. Roth Mkm began coverage on shares of Ovintiv in a research report on Monday, October 13th. They issued a “neutral” rating and a $42.00 price objective on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a research note on Monday, December 29th. Morgan Stanley cut their price objective on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 14th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $47.00 target price on shares of Ovintiv in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.82.

Insider Activity

In other news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the sale, the chief operating officer owned 105,867 shares of the company’s stock, valued at $4,269,616.11. The trade was a 32.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.70% of the company’s stock.

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.