Meeder Advisory Services Inc. Makes New Investment in Ovintiv Inc. $OVV

Meeder Advisory Services Inc. bought a new stake in shares of Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 11,982 shares of the company’s stock, valued at approximately $631,000.

Several other institutional investors have also added to or reduced their stakes in the company. Stifel Financial Corp grew its holdings in Ovintiv by 1.4% in the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock worth $749,000 after acquiring an additional 269 shares during the last quarter. CX Institutional boosted its holdings in shares of Ovintiv by 1.0% during the second quarter. CX Institutional now owns 28,363 shares of the company’s stock worth $1,493,000 after purchasing an additional 276 shares during the period. Root Financial Partners LLC boosted its holdings in shares of Ovintiv by 43.2% during the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after purchasing an additional 277 shares during the period. Deseret Mutual Benefit Administrators grew its stake in shares of Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after purchasing an additional 287 shares during the last quarter. Finally, Sanctuary Advisors LLC grew its stake in shares of Ovintiv by 2.6% in the first quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company’s stock worth $773,000 after purchasing an additional 324 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Insider Buying and Selling at Ovintiv

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. National Bank Financial upped their price target on Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Stephens reiterated a “positive” rating and issued a $69.00 price objective on shares of Ovintiv in a research report on Friday, July 24th. Wall Street Zen raised Ovintiv from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. Royal Bank Of Canada upped their target price on Ovintiv from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $73.00 price target (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $66.89.

Ovintiv Price Performance

OVV stock opened at $66.69 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $67.39. The firm has a 50-day moving average of $57.95 and a 200 day moving average of $56.12. The company has a market cap of $18.37 billion, a P/E ratio of 18.84 and a beta of 0.53.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate 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. On average, sell-side analysts forecast that Ovintiv Inc. will post 6.83 EPS for the current year.

Ovintiv Dividend Announcement

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

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.