45,059 Shares in Ovintiv Inc. $OVV Bought by Carrera Capital Advisors

Carrera Capital Advisors purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 45,059 shares of the company’s stock, valued at approximately $1,819,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Ovintiv by 3.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 9,571,397 shares of the company’s stock valued at $364,192,000 after purchasing an additional 312,827 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Ovintiv by 7.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 5,238,681 shares of the company’s stock worth $199,441,000 after purchasing an additional 368,249 shares during the period. Adage Capital Partners GP L.L.C. increased its position in Ovintiv by 143.8% during the second quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock worth $142,278,000 after buying an additional 2,205,233 shares during the last quarter. Bank of New York Mellon Corp increased its position in Ovintiv by 8.6% during the third quarter. Bank of New York Mellon Corp now owns 2,740,750 shares of the company’s stock worth $110,671,000 after buying an additional 216,153 shares during the last quarter. Finally, Holocene Advisors LP raised its stake in Ovintiv by 11.6% in the second quarter. Holocene Advisors LP now owns 2,493,370 shares of the company’s stock valued at $94,873,000 after buying an additional 258,796 shares during the period. Institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wells Fargo & Company lifted their target price on Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 18th. Citigroup reduced their price objective on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Morgan Stanley decreased their price objective on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 14th. Zacks Research upgraded shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $47.00 target price on shares of Ovintiv in a report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $51.82.

Insider Transactions at Ovintiv

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the transaction, the chief operating officer owned 105,867 shares in the company, valued at $4,269,616.11. This represents a 32.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.70% of the stock is owned by corporate insiders.

Ovintiv Stock Performance

Shares of NYSE OVV opened at $43.41 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.45 and a quick ratio of 0.45. The firm has a market cap of $10.99 billion, a price-to-earnings ratio of 47.70, a P/E/G ratio of 2.56 and a beta of 0.76. The stock’s fifty day moving average price is $39.95 and its two-hundred day moving average price is $39.80. Ovintiv Inc. has a one year low of $29.80 and a one year high of $45.96.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.06. The company had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $1.86 billion. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%. On average, equities analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. Ovintiv’s payout ratio is currently 131.87%.

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.