BCS Private Wealth Management Inc. Takes $976,000 Position in Ovintiv Inc. $OVV

Key Points

• BCS Private Wealth Management opened a new stake in Ovintiv, buying 24,900 shares worth approximately $976,000 in the fourth quarter.
• Ovintiv beat expectations for the latest quarter with $1.39 EPS versus the $0.98 consensus and reported revenue of $1.89 billion, after posting a loss in the same quarter last year.
• The company pays a quarterly dividend of $0.30 (annualized $1.20, yield ~2.2%), has high institutional ownership (~83.81%), and holds a MarketBeat consensus rating of Moderate Buy with an average target of $60.37.

BCS Private Wealth Management Inc. acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 24,900 shares of the company's stock, valued at approximately $976,000.

A number of other large investors have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its stake in Ovintiv by 25.8% during the third 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 during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Ovintiv by 12.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,888,500 shares of the company's stock valued at $237,747,000 after buying an additional 649,819 shares during the last quarter. AQR Capital Management LLC raised its stake in Ovintiv by 263.8% during the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company's stock valued at $199,866,000 after buying an additional 3,589,030 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Ovintiv by 8.6% during the third quarter. Bank of New York Mellon Corp now owns 2,740,750 shares of the company's stock valued at $110,671,000 after buying an additional 216,153 shares during the last quarter. Finally, Holocene Advisors LP raised its stake in Ovintiv by 5.1% during the third quarter. Holocene Advisors LP now owns 2,619,615 shares of the company's stock valued at $105,780,000 after buying an additional 126,245 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Down 2.7%

Ovintiv stock opened at $54.82 on Wednesday. The firm has a market cap of $15.53 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 1.84 and a beta of 0.59. The stock has a fifty day simple moving average of $53.46 and a two-hundred day simple moving average of $44.26. Ovintiv Inc. has a 12 month low of $31.91 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 - Get Free Report) last posted its 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 business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the company earned ($0.23) EPS. Equities analysts predict that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

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

Insider Buying and Selling at Ovintiv

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction on Friday, March 13th. The stock was sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the sale, the executive vice president owned 54,092 shares of the company's stock, valued at $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the completion of the sale, the director directly owned 45,780 shares of the company's stock, valued at $2,398,414.20. The trade was a 9.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.85% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Barclays lifted their price objective on Ovintiv from $58.00 to $62.00 and gave the company an "overweight" rating in a research note on Monday, March 16th. Scotiabank lifted their price objective on Ovintiv from $58.00 to $65.00 and gave the company a "sector outperform" rating in a research note on Thursday, March 19th. Bank of America lifted their price objective on Ovintiv from $63.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, April 2nd. UBS Group lowered their price objective on Ovintiv from $76.00 to $75.00 and set a "buy" rating for the company in a research note on Thursday, April 9th. Finally, Weiss Ratings raised Ovintiv from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, April 2nd. Fifteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Ovintiv has a consensus rating of "Moderate Buy" and an average target price of $60.37.

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.

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