EP Wealth Advisors LLC Takes $736,000 Position in Ovintiv Inc. $OVV

EP Wealth Advisors LLC purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 13,983 shares of the company’s stock, valued at approximately $736,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Ovintiv in the 2nd quarter worth about $1,422,959,000. AQR Capital Management LLC lifted its position in shares of Ovintiv by 263.8% during the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after buying an additional 3,589,030 shares in the last quarter. Millennium Management LLC lifted its position in shares of Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after buying an additional 3,060,691 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Ovintiv in the 2nd quarter worth approximately $124,308,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Ovintiv by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after buying an additional 1,669,469 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OVV has been the subject of a number of research analyst reports. Zacks Research downgraded Ovintiv from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Morgan Stanley set a $67.00 price objective on Ovintiv in a research report on Wednesday, August 19th. Texas Capital upgraded Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. UBS Group raised their target price on Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Scotiabank upgraded Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and an average price target of $66.89.

Insider Activity at Ovintiv

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction 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 completion of the transaction, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.85% of the stock is owned by corporate insiders.

Ovintiv Stock Down 1.4%

Ovintiv stock opened at $65.91 on Tuesday. The firm has a 50 day moving average price of $58.37 and a 200-day moving average price of $56.45. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv Inc. has a twelve month low of $35.47 and a twelve month high of $67.44. The company has a market capitalization of $18.16 billion, a P/E ratio of 18.62 and a beta of 0.53.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. As a group, equities analysts predict that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Announces Dividend

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