Ovintiv Inc. $OVV Shares Sold by NFJ Investment Group LLC

NFJ Investment Group LLC cut its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 92.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,011 shares of the company’s stock after selling 732,232 shares during the period. NFJ Investment Group LLC’s holdings in Ovintiv were worth $2,430,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in OVV. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Ovintiv during the third quarter worth approximately $36,000. Flagship Harbor Advisors LLC bought a new stake in Ovintiv during the fourth quarter worth approximately $38,000. Los Angeles Capital Management LLC bought a new stake in Ovintiv during the fourth quarter worth approximately $46,000. Deseret Mutual Benefit Administrators raised its holdings in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after purchasing an additional 287 shares in the last quarter. Finally, IFP Advisors Inc raised its holdings in Ovintiv by 58.4% during the third quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock worth $54,000 after purchasing an additional 494 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on OVV. JPMorgan Chase & Co. began coverage on Ovintiv in a report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 target price on the stock. Royal Bank Of Canada set a $70.00 target price on Ovintiv and gave the stock an “outperform” rating in a report on Tuesday, June 9th. Citigroup reissued a “neutral” rating and set a $62.00 target price (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Bank of America boosted their target price on Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Finally, Wells Fargo & Company boosted their target price on Ovintiv from $55.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and an average price target of $63.00.

Ovintiv Price Performance

NYSE OVV opened at $57.33 on Monday. The stock has a market capitalization of $16.11 billion, a P/E ratio of 18.49 and a beta of 0.53. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $63.46. The business’s fifty day moving average is $57.76 and its two-hundred day moving average is $49.91. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.15. The company had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. On average, research analysts forecast that Ovintiv Inc. will post 8.15 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.1%. Ovintiv’s dividend payout ratio is currently 38.71%.

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.