Foster & Motley Inc. Purchases Shares of 36,665 Ovintiv Inc. $OVV

Foster & Motley Inc. purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 36,665 shares of the company’s stock, valued at approximately $1,930,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. UBS Group AG grew its position in Ovintiv by 8.3% during the fourth quarter. UBS Group AG now owns 997,177 shares of the company’s stock valued at $39,079,000 after acquiring an additional 76,846 shares during the last quarter. Hillsdale Investment Management Inc. grew its holdings in shares of Ovintiv by 317.3% during the 4th quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company’s stock valued at $7,373,000 after purchasing an additional 142,800 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Ovintiv during the 4th quarter valued at $5,045,000. Pacific Heights Asset Management LLC raised its position in Ovintiv by 23.7% in the 4th quarter. Pacific Heights Asset Management LLC now owns 600,000 shares of the company’s stock worth $23,514,000 after purchasing an additional 115,000 shares during the period. Finally, PensionDanmark Pensionsforsikringsaktieselskab purchased a new position in Ovintiv in the 2nd quarter worth $4,738,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

Shares of NYSE:OVV opened at $65.03 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average price of $57.60 and a 200-day moving average price of $55.80. The company has a market cap of $17.92 billion, a price-to-earnings ratio of 18.37 and a beta of 0.53. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $65.43.

Ovintiv (NYSE:OVV) last posted its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) 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 business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. As a group, equities analysts anticipate that Ovintiv Inc. will post 6.83 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 1.8%. Ovintiv’s payout ratio is 33.90%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. UBS Group upped their price target on shares of Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Wall Street Zen raised Ovintiv from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. Stephens restated a “positive” rating and set a $69.00 target price on shares of Ovintiv in a report on Friday, July 24th. Royal Bank Of Canada raised their price target on Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Finally, Weiss Ratings raised Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.79.

Insiders Place Their Bets

In related news, EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the sale, the executive vice president owned 72,530 shares in the company, valued at $4,592,599.60. The trade was a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.85% of the stock is currently owned by company insiders.

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.