Truist Financial Corp Sells 46,741 Shares of Ovintiv Inc. $OVV

Truist Financial Corp decreased its position in shares of Ovintiv Inc. (NYSE:OVV) by 38.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 75,914 shares of the company’s stock after selling 46,741 shares during the period. Truist Financial Corp’s holdings in Ovintiv were worth $2,975,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Foster Dykema Cabot & Partners LLC purchased a new stake in Ovintiv in the 3rd quarter valued at about $36,000. Quent Capital LLC purchased a new position in shares of Ovintiv during the third quarter worth approximately $37,000. Flagship Harbor Advisors LLC bought a new position in Ovintiv during the 4th quarter worth about $38,000. IFP Advisors Inc grew its holdings in Ovintiv by 58.4% during the 3rd quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock worth $54,000 after acquiring an additional 494 shares in the last quarter. Finally, Advisory Services Network LLC bought a new position in Ovintiv during the 3rd quarter worth about $58,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

NYSE:OVV opened at $58.09 on Wednesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market cap of $16.46 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 1.66 and a beta of 0.57. The company has a 50 day moving average price of $56.85 and a 200-day moving average price of $46.68. Ovintiv Inc. has a 1-year low of $34.88 and a 1-year high of $63.46.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.15. Ovintiv had a net margin of 8.51% and a return on equity of 13.43%. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Equities research analysts forecast that Ovintiv Inc. will post 7.59 EPS for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.1%. Ovintiv’s dividend payout ratio (DPR) is currently 24.79%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Wall Street Zen cut shares of Ovintiv from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Jefferies Financial Group reiterated a “buy” rating and issued a $54.00 target price on shares of Ovintiv in a research note on Saturday, January 17th. JPMorgan Chase & Co. started coverage on shares of Ovintiv in a research report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 price target for the company. The Goldman Sachs Group raised their price target on shares of Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Finally, Citigroup reissued a “neutral” rating and set a $62.00 price target (up from $52.00) on shares of Ovintiv in a research report on Monday, March 30th. Fifteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $62.11.

Ovintiv News Roundup

Here are the key news stories impacting Ovintiv this week:

• Positive Sentiment: Ovintiv reported Q1 earnings of $2.00 per share on revenue of $2.40 billion, topping Wall Street estimates and signaling stronger-than-expected operating performance. MarketBeat earnings report
• Positive Sentiment: The company generated $1.1 billion in cash from operations and $634 million in free cash flow, underscoring robust cash flow support for dividends, buybacks, and debt reduction. PR Newswire release
• Positive Sentiment: Management said net debt fell to under $3.3 billion, about 40% lower than a year ago, and the company restarted share repurchases, which investors often view favorably. PR Newswire release
• Positive Sentiment: Analysts reacted positively, with some raising forecasts and National Bank Financial lifting its price target to $82 from $80 while maintaining an outperform rating. Benzinga article
• Neutral Sentiment: Ovintiv also announced a quarterly dividend of $0.30 per share, reinforcing its shareholder-return profile. MarketBeat stock page

Insiders Place Their Bets

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction on Friday, March 13th. The shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the sale, the executive vice president owned 54,092 shares of the company’s stock, valued at approximately $2,963,159.76. This trade represents a 17.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the sale, the director owned 45,780 shares in the company, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.85% of the stock is currently owned by company insiders.

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.