Callan Family Office LLC Takes Position in Ovintiv Inc. $OVV

Key Points

• Callan Family Office LLC initiated a position in Ovintiv during the second quarter, buying 21,586 shares valued at approximately $1.14 million. Institutional investors collectively own 83.81% of the company.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $66.89; several firms recently raised their targets.
• Ovintiv declared a quarterly dividend of $0.30 per share, equivalent to $1.20 annually and a 1.8% yield. The company’s latest quarterly EPS of $1.74 missed estimates, despite revenue of $3.01 billion exceeding expectations.

Callan Family Office LLC purchased a new position in Ovintiv Inc. (NYSE:OVV - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 21,586 shares of the company's stock, valued at approximately $1,137,000.

Other large investors also recently modified their holdings of the company. Integrated Wealth Concepts LLC boosted its position in Ovintiv by 70.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company's stock worth $391,000 after purchasing an additional 3,788 shares during the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of Ovintiv during the 1st quarter valued at about $202,000. Focus Partners Wealth lifted its stake in shares of Ovintiv by 49.3% in the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company's stock worth $825,000 after purchasing an additional 6,364 shares during the period. Geneos Wealth Management Inc. boosted its holdings 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 last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Ovintiv by 103.2% during the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company's stock valued at $126,000 after buying an additional 1,675 shares during the period. Institutional investors own 83.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Royal Bank Of Canada increased their price target on shares of Ovintiv from $70.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. UBS Group boosted their price objective on shares of Ovintiv from $71.00 to $74.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. National Bank Financial upped their price objective on Ovintiv from $82.00 to $83.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 8th. Stephens reaffirmed a "positive" rating and issued a $69.00 target price on shares of Ovintiv in a report on Friday, July 24th. Finally, Weiss Ratings upgraded Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, July 28th. 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $66.89.

Insider Transactions at Ovintiv

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the business's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the transaction, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. The trade was a 9.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.85% of the company's stock.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $65.91 on Tuesday. The company has a market capitalization of $18.16 billion, a P/E ratio of 18.62 and a beta of 0.53. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $67.44. The firm's 50 day simple moving average is $58.37 and its two-hundred day simple moving average is $56.45. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). The firm had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. Research analysts expect that Ovintiv Inc. will post 7.09 EPS for the current fiscal year.

Ovintiv Announces Dividend

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

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.

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