Ovintiv Inc. $OVV Stock Holdings Lessened by NFJ Investment Group LLC

NFJ Investment Group LLC lowered its stake in Ovintiv Inc. (NYSE:OVV) by 92.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Integrated Wealth Concepts LLC raised its stake in Ovintiv by 70.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after purchasing an additional 3,788 shares during the period. Great Lakes Advisors LLC acquired a new stake in Ovintiv during the 1st quarter valued at $202,000. Focus Partners Wealth raised its stake in Ovintiv by 49.3% during the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after purchasing an additional 6,364 shares during the period. Geneos Wealth Management Inc. raised its stake in Ovintiv by 47.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after purchasing an additional 589 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in Ovintiv by 103.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock valued at $126,000 after purchasing an additional 1,675 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Down 0.2%

Ovintiv stock opened at $57.33 on Monday. The company’s fifty day simple moving average is $57.76 and its 200-day simple moving average is $49.91. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $63.46. The stock has a market cap of $16.11 billion, a P/E ratio of 18.49 and a beta of 0.53.

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

Ovintiv Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Zacks Research raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. Bank of America boosted their target price on shares of Ovintiv from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Royal Bank Of Canada set a $70.00 target price on shares of Ovintiv and gave the company an “outperform” rating in a research note on Tuesday, June 9th. Wall Street Zen downgraded shares of Ovintiv from a “buy” rating to a “hold” rating in a research note on Sunday. Finally, The Goldman Sachs Group boosted their target price on shares of Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $63.00.

Ovintiv 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.