Dynamic Technology Lab Private Ltd Acquires 39,133 Shares of Ovintiv Inc. $OVV

Dynamic Technology Lab Private Ltd lifted its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 670.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 44,972 shares of the company’s stock after purchasing an additional 39,133 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Ovintiv were worth $1,816,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Adage Capital Partners GP L.L.C. grew its position in shares of Ovintiv by 143.8% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock valued at $142,278,000 after buying an additional 2,205,233 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Ovintiv by 25.8% in the third quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock worth $379,165,000 after acquiring an additional 1,927,193 shares during the period. Evergreen Capital Management LLC acquired a new position in shares of Ovintiv in the third quarter worth approximately $60,866,000. Qube Research & Technologies Ltd bought a new stake in Ovintiv in the second quarter valued at approximately $41,701,000. Finally, Orion Porfolio Solutions LLC increased its position in Ovintiv by 1,599.3% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 651,038 shares of the company’s stock valued at $24,772,000 after purchasing an additional 612,725 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Price Performance

Ovintiv stock opened at $52.25 on Friday. The stock has a market capitalization of $14.80 billion, a price-to-earnings ratio of 10.80, a PEG ratio of 2.83 and a beta of 0.69. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $53.31. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The stock’s 50 day moving average price is $44.29 and its two-hundred day moving average price is $41.28.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.41. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the previous year, the business posted ($0.23) EPS. On average, equities analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, March 13th. Ovintiv’s payout ratio is 24.79%.

Insider Buying and Selling at Ovintiv

In other news, Director Howard John Mayson sold 5,000 shares of the company’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 transaction, the director owned 45,780 shares in the company, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the transaction, the chief operating officer directly owned 105,867 shares in the company, valued at $4,269,616.11. This trade represents a 32.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on OVV shares. Barclays raised their price target on shares of Ovintiv from $55.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, February 25th. William Blair assumed coverage on shares of Ovintiv in a research report on Wednesday, November 26th. They set an “outperform” rating and a $50.00 price objective for the company. Zacks Research raised shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 3rd. Weiss Ratings restated a “hold (c-)” rating on shares of Ovintiv in a report on Monday, December 29th. Finally, Citigroup cut their price target on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $52.88.

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.