Savant Capital LLC Lowers Stock Holdings in Ovintiv Inc. $OVV

Savant Capital LLC lowered its stake in shares of Ovintiv Inc. (NYSE:OVV) by 61.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 14,016 shares of the company’s stock after selling 22,755 shares during the period. Savant Capital LLC’s holdings in Ovintiv were worth $549,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in OVV. Foster Dykema Cabot & Partners LLC purchased a new position in shares of Ovintiv during the third quarter worth about $36,000. Flagship Harbor Advisors LLC purchased a new position in shares of Ovintiv during the fourth quarter worth about $38,000. IFP Advisors Inc grew its holdings in shares of Ovintiv by 58.4% during the third quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock worth $54,000 after buying an additional 494 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Ovintiv during the third quarter worth about $58,000. Finally, CIBC Private Wealth Group LLC grew its holdings in shares of Ovintiv by 258.2% during the third quarter. CIBC Private Wealth Group LLC now owns 1,576 shares of the company’s stock worth $64,000 after buying an additional 1,136 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $59.21 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. The company has a market cap of $16.64 billion, a P/E ratio of 19.10 and a beta of 0.53. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $63.46. The company has a 50-day moving average price of $58.12 and a 200 day moving average price of $49.14.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Monday, May 11th. The company reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.15. The firm 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 predict 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. Investors 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 yield of 2.0%. Ovintiv’s dividend payout ratio (DPR) is presently 38.71%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on OVV shares. Truist Financial lowered their price target on Ovintiv from $72.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, May 13th. National Bank Financial raised their price target on Ovintiv from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Mizuho raised their price target on Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Morgan Stanley started coverage on Ovintiv in a report on Friday, March 27th. They set an “equal weight” rating and a $68.00 price target on the stock. Finally, Citigroup reissued a “neutral” rating and set a $62.00 price target (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Insider Buying and Selling

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the firm’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 sale, the executive vice president owned 54,092 shares in the company, valued at $2,963,159.76. This trade represents a 17.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.85% of the stock is currently owned by insiders.

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.