Bridgefront Capital LLC Trims Stake in Ovintiv Inc. $OVV

Bridgefront Capital LLC lessened its position in Ovintiv Inc. (NYSE:OVV) by 52.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,468 shares of the company’s stock after selling 14,647 shares during the quarter. Bridgefront Capital LLC’s holdings in Ovintiv were worth $544,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC grew its stake in Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after purchasing an additional 3,589,030 shares during the period. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Ovintiv by 143.8% during 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 in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Ovintiv by 25.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock valued at $379,165,000 after buying an additional 1,927,193 shares in the last quarter. Evergreen Capital Management LLC purchased a new stake in shares of Ovintiv in the 3rd quarter worth about $60,866,000. Finally, Qube Research & Technologies Ltd bought a new position in shares of Ovintiv in the 2nd quarter worth about $41,701,000. 83.81% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 18th. William Blair assumed coverage on shares of Ovintiv in a report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price objective on the stock. JPMorgan Chase & Co. assumed coverage on shares of Ovintiv in a report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 target price for the company. Roth Mkm boosted their price target on Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. Finally, The Goldman Sachs Group upped their price target on Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. Two investment 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.76.

Ovintiv Stock Performance

Shares of OVV stock opened at $54.93 on Tuesday. The company has a market capitalization of $15.56 billion, a price-to-earnings ratio of 11.35, a price-to-earnings-growth ratio of 3.01 and a beta of 0.69. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. Ovintiv Inc. has a one year low of $29.80 and a one year high of $55.85. The company’s 50-day moving average is $46.10 and its 200 day moving average is $41.87.

Ovintiv (NYSE:OVV) last issued its earnings results on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.41. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. During the same period in the previous year, the company earned ($0.23) earnings per share. Sell-side analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, March 13th. Ovintiv’s payout ratio is presently 24.79%.

Insider Transactions at Ovintiv

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the sale, the director directly owned 45,780 shares in the company, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.89% of the company’s stock.

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.