Dockside LLC Purchases Shares of 64,544 Ovintiv Inc. $OVV

Key Points

• Dockside LLC purchased 64,544 Ovintiv shares during the second quarter, valued at approximately $3.4 million. Institutional investors collectively own 83.81% of the company.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $66.79; several firms recently raised their targets.
• Ovintiv declared a quarterly dividend of $0.30 per share, equivalent to $1.20 annually and a 1.9% yield. The company’s latest quarter included $1.74 in EPS, below estimates, but revenue of $3.01 billion exceeded expectations.

Dockside LLC purchased a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 64,544 shares of the company's stock, valued at approximately $3,398,000.

A number of other hedge funds have also recently made changes to their positions in the business. Steph & Co. bought a new position in shares of Ovintiv during the 1st quarter valued at $29,000. Los Angeles Capital Management LLC purchased a new stake in Ovintiv during the fourth quarter valued at about $46,000. Deseret Mutual Benefit Administrators boosted its position in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock valued at $52,000 after buying an additional 287 shares during the period. Root Financial Partners LLC grew its stake in shares of Ovintiv by 43.2% during the first quarter. Root Financial Partners LLC now owns 918 shares of the company's stock valued at $54,000 after buying an additional 277 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new position in shares of Ovintiv in the third quarter worth about $58,000. 83.81% of the stock is currently owned by institutional investors.

Insider Transactions at Ovintiv

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.85% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on OVV shares. Royal Bank Of Canada boosted their target price on Ovintiv from $70.00 to $85.00 and gave the company an "outperform" rating in a research note on Monday, July 27th. UBS Group lifted their price target on Ovintiv from $71.00 to $74.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Mizuho boosted their price objective on Ovintiv from $69.00 to $75.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Scotiabank raised Ovintiv from an "outperform" rating to a "buy" rating in a research note on Wednesday, May 20th. Finally, Roth Capital raised their target price on shares of Ovintiv from $50.00 to $55.00 and gave the stock a "neutral" rating in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Ovintiv has a consensus rating of "Moderate Buy" and an average price target of $66.79.

Ovintiv Stock Performance

NYSE:OVV opened at $62.99 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The firm's fifty day simple moving average is $57.31 and its 200 day simple moving average is $55.40. The stock has a market cap of $17.35 billion, a P/E ratio of 17.79 and a beta of 0.53. Ovintiv Inc. has a twelve month low of $35.47 and a twelve month high of $64.61.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. As a group, research analysts predict that Ovintiv Inc. will post 6.87 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors 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 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv's dividend payout ratio is presently 33.90%.

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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