State of Wyoming Acquires Shares of 10,263 Ovintiv Inc. $OVV

State of Wyoming acquired a new position in shares of Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 10,263 shares of the company’s stock, valued at approximately $540,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Stifel Financial Corp increased its position in Ovintiv by 1.4% during the fourth quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock worth $749,000 after buying an additional 269 shares during the period. CX Institutional boosted its holdings in shares of Ovintiv by 1.0% in the second quarter. CX Institutional now owns 28,363 shares of the company’s stock valued at $1,493,000 after acquiring an additional 276 shares during the period. Root Financial Partners LLC grew its position in shares of Ovintiv by 43.2% during the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after acquiring an additional 277 shares during the last quarter. Deseret Mutual Benefit Administrators increased its holdings in shares of Ovintiv by 27.6% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after acquiring an additional 287 shares during the period. Finally, Sanctuary Advisors LLC increased its holdings in shares of Ovintiv by 2.6% in the 1st quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company’s stock valued at $773,000 after acquiring an additional 324 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Up 1.3%

Shares of Ovintiv stock opened at $63.81 on Tuesday. The company has a market cap of $17.58 billion, a P/E ratio of 18.03 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. Ovintiv Inc. has a one year low of $35.47 and a one year high of $64.61. The firm has a fifty day moving average of $57.43 and a two-hundred day moving average of $55.65.

Ovintiv (NYSE:OVV) last issued its 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 firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. On average, analysts forecast that Ovintiv Inc. will post 6.83 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. Ovintiv’s dividend payout ratio (DPR) is presently 33.90%.

Analyst Ratings Changes

A number of analysts recently weighed in on OVV shares. National Bank Financial increased their price target on shares of Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. UBS Group lifted their price objective on shares of Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Roth Capital raised their price target on Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Wednesday, June 24th. Barclays boosted their price target on Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Finally, Zacks Research downgraded Ovintiv from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $66.79.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the sale, the executive vice president owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.85% of the company’s stock.

Ovintiv Company 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.