Freestone Grove Partners LP Buys Shares of 298,653 Ovintiv Inc. $OVV

Freestone Grove Partners LP purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 298,653 shares of the company’s stock, valued at approximately $15,724,000.

A number of other hedge funds also recently modified their holdings of the stock. Steph & Co. purchased a new position in Ovintiv in the first quarter valued at approximately $29,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Ovintiv in the second quarter worth $32,000. Aberdeen Wealth Management LLC purchased a new stake in Ovintiv in the second quarter worth $32,000. Los Angeles Capital Management LLC bought a new stake in shares of Ovintiv in the fourth quarter valued at $46,000. Finally, Deseret Mutual Benefit Administrators raised 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 valued at $52,000 after buying an additional 287 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 1.2%

NYSE:OVV opened at $65.27 on Friday. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $67.44. The stock’s fifty day moving average price is $59.07 and its two-hundred day moving average price is $56.85. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $17.98 billion, a P/E ratio of 18.44 and a beta of 0.53.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results 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 company had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. As a group, analysts expect that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Announces Dividend

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

Insiders Place Their Bets

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the company’s stock in a transaction dated 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. This represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.85% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wall Street Zen raised Ovintiv from a “hold” rating to a “buy” rating in a research report on Saturday, July 25th. Roth Capital boosted their price objective on Ovintiv from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Wednesday, June 24th. Stephens restated a “positive” rating and issued a $69.00 price objective on shares of Ovintiv in a research note on Friday, July 24th. National Bank Financial upped their price objective on shares of Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Finally, Morgan Stanley set a $67.00 target price on shares of Ovintiv in a research report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price of $66.89.

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.