Evergreen Capital Management LLC Decreases Stake in Ovintiv Inc. $OVV

Key Points

• Evergreen Capital Management LLC reduced its stake in Ovintiv by 51.4% in Q4, selling 774,968 shares and now holds 732,363 shares worth about $28.7 million, making OVV its 28th largest position.
• Wall Street is broadly positive: Ovintiv has a consensus "Moderate Buy" rating with an average price target of $60.42 (15 Buys, 6 Holds), and several firms recently raised targets (e.g., Goldman to $62, BofA to $68).
• Fundamentals: Ovintiv reported Q4 EPS of $1.39 (beating $0.98 estimates), the stock trades around $53.39 with a $15.13B market cap, and it pays a $0.30 quarterly dividend (2.2% yield).

Evergreen Capital Management LLC lessened its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 51.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 732,363 shares of the company's stock after selling 774,968 shares during the period. Ovintiv comprises about 0.6% of Evergreen Capital Management LLC's investment portfolio, making the stock its 28th largest position. Evergreen Capital Management LLC owned approximately 0.29% of Ovintiv worth $28,701,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in OVV. AQR Capital Management LLC increased its stake in shares of Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company's stock worth $199,866,000 after buying an additional 3,589,030 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Ovintiv by 25.8% in the third quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company's stock worth $379,165,000 after buying an additional 1,927,193 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Ovintiv in the second quarter worth $41,701,000. Two Sigma Investments LP increased its stake in shares of Ovintiv by 1,393.1% in the third quarter. Two Sigma Investments LP now owns 760,924 shares of the company's stock worth $30,726,000 after buying an additional 709,962 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Ovintiv by 12.4% in 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. Institutional investors own 83.81% of the company's stock.

Insider Activity at Ovintiv

In other news, Director Howard John Mayson sold 5,000 shares of the company's stock in a transaction that occurred 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 transaction, the director directly owned 45,780 shares of the company's stock, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 54,092 shares of the company's stock, valued at $2,963,159.76. This trade represents a 17.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.85% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

OVV has been the subject of several research analyst reports. The Goldman Sachs Group boosted their price objective on Ovintiv from $49.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, March 11th. UBS Group decreased their target price on Ovintiv from $76.00 to $75.00 and set a "buy" rating for the company in a research report on Thursday, April 9th. Bank of America raised their price objective on Ovintiv from $63.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, April 2nd. Scotiabank raised their price objective on Ovintiv from $58.00 to $65.00 and gave the stock a "sector outperform" rating in a research note on Thursday, March 19th. Finally, Roth Mkm raised their price objective on Ovintiv from $42.00 to $50.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 24th. Fifteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Ovintiv presently has an average rating of "Moderate Buy" and a consensus price target of $60.42.

Ovintiv Stock Up 1.1%

NYSE:OVV opened at $53.39 on Tuesday. The firm has a market capitalization of $15.13 billion, a PE ratio of 11.03, a price-to-earnings-growth ratio of 1.72 and a beta of 0.59. The stock has a 50 day moving average of $54.12 and a 200-day moving average of $44.65. Ovintiv Inc. has a 52 week low of $32.16 and a 52 week 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, beating the consensus estimate of $0.98 by $0.41. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same period in the prior year, the company earned ($0.23) earnings per share. Analysts predict that Ovintiv Inc. will post 6.52 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were issued a dividend of $0.30 per share. 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 dividend payout ratio is 24.79%.

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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