SCP Investment LP Raises Holdings in Ovintiv Inc. $OVV

SCP Investment LP boosted its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 511.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,600 shares of the company’s stock after buying an additional 34,800 shares during the quarter. Ovintiv makes up approximately 1.3% of SCP Investment LP’s investment portfolio, making the stock its 16th biggest holding. SCP Investment LP’s holdings in Ovintiv were worth $1,630,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of OVV. Foster Dykema Cabot & Partners LLC purchased a new position in Ovintiv during the third quarter valued at approximately $36,000. Flagship Harbor Advisors LLC purchased a new position in Ovintiv in the fourth quarter worth $38,000. IFP Advisors Inc grew its holdings in Ovintiv by 58.4% in 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 during the last quarter. Advisory Services Network LLC purchased a new position in Ovintiv in the third quarter worth $58,000. Finally, CIBC Private Wealth Group LLC grew its holdings in Ovintiv by 258.2% in the third quarter. CIBC Private Wealth Group LLC now owns 1,576 shares of the company’s stock worth $64,000 after purchasing an additional 1,136 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Barclays lifted their price target on shares of Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Roth Mkm lifted their price target on shares of Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. JPMorgan Chase & Co. initiated coverage on shares of Ovintiv in a report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 price target on the stock. Truist Financial dropped their price objective on shares of Ovintiv from $72.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, May 13th. Finally, Mizuho boosted their price objective on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. One equities research 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.00.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the transaction, the executive vice president owned 54,092 shares in the company, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.85% of the company’s stock.

Ovintiv Trading Up 0.7%

NYSE OVV opened at $58.57 on Wednesday. The company has a market capitalization of $16.46 billion, a PE ratio of 18.89 and a beta of 0.53. The company has a fifty day moving average of $58.03 and a 200 day moving average of $48.71. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $63.46. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. Research analysts forecast that Ovintiv Inc. will post 8.15 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.30 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. Ovintiv’s dividend payout ratio is 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.