TrueMark Investments LLC Invests $889,000 in Ovintiv Inc. $OVV

TrueMark Investments LLC acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 22,687 shares of the company’s stock, valued at approximately $889,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of OVV. Integrated Wealth Concepts LLC grew its holdings in Ovintiv by 70.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after purchasing an additional 3,788 shares during the period. Great Lakes Advisors LLC purchased a new stake in Ovintiv in the first quarter worth about $202,000. Focus Partners Wealth raised its stake in shares of Ovintiv by 49.3% in the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after buying an additional 6,364 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of Ovintiv by 47.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after buying an additional 589 shares during the period. Finally, MAI Capital Management lifted its position in shares of Ovintiv by 174.6% during the 2nd quarter. MAI Capital Management now owns 1,170 shares of the company’s stock valued at $45,000 after buying an additional 744 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Ovintiv news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction on Friday, March 13th. The shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the sale, the executive vice president directly owned 54,092 shares in the company, valued at approximately $2,963,159.76. The trade was a 17.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Howard John Mayson sold 5,000 shares of the business’s 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 completion of the sale, the director owned 45,780 shares in the company, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their position. The SEC filing for this sale provides additional information. 1.70% of the stock is currently owned by corporate insiders.

Ovintiv Stock Up 0.0%

Shares of OVV opened at $62.09 on Monday. The business’s 50 day moving average is $49.59 and its 200 day moving average is $42.91. The company has a market capitalization of $17.59 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 2.34 and a beta of 0.69. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $62.60. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

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

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, March 13th. Ovintiv’s payout ratio is 24.79%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Zacks Research upgraded Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 3rd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $55.00 price target on shares of Ovintiv in a research report on Thursday, February 19th. Mizuho increased their price objective on shares of Ovintiv from $55.00 to $68.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 17th. JPMorgan Chase & Co. assumed coverage on shares of Ovintiv in a research report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 price objective on the stock. Finally, Stephens upgraded shares of Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.11.

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.