Ceredex Value Advisors LLC Invests $21.10 Million in Ovintiv Inc. $OVV

Ceredex Value Advisors LLC acquired a new position in Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, HoldingsChannel reports. The firm acquired 400,800 shares of the company’s stock, valued at approximately $21,102,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Integrated Wealth Concepts LLC increased its stake in Ovintiv by 70.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after buying an additional 3,788 shares during the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of Ovintiv during the 1st quarter valued at approximately $202,000. Focus Partners Wealth boosted its holdings in shares of Ovintiv by 49.3% in the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after acquiring an additional 6,364 shares during the period. Geneos Wealth Management Inc. boosted its stake in Ovintiv by 47.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after purchasing an additional 589 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Ovintiv by 103.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock valued at $126,000 after acquiring an additional 1,675 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 1.7%

Ovintiv stock opened at $66.69 on Friday. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $67.39. The business’s fifty day simple moving average is $57.95 and its two-hundred day simple moving average is $56.12. The company has a market capitalization of $18.37 billion, a price-to-earnings ratio of 18.84 and a beta of 0.53. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. As a group, equities analysts predict that Ovintiv Inc. will post 6.83 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

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

Analyst Upgrades and Downgrades

OVV has been the subject of several recent analyst reports. Morgan Stanley set a $67.00 target price on Ovintiv in a research report on Wednesday. Truist Financial reaffirmed a “buy” rating and set a $73.00 target price (up from $66.00) on shares of Ovintiv in a report on Monday, July 27th. Zacks Research downgraded Ovintiv from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Wells Fargo & Company lowered their price objective on shares of Ovintiv from $80.00 to $78.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Finally, Roth Capital upped their target price on Ovintiv from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and a consensus price target of $66.89.

Insider Buying and Selling at Ovintiv

In related news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares in the company, valued at $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.85% of the stock is owned by 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.