Kingsview Wealth Management LLC Takes $4.79 Million Position in Ovintiv Inc. $OVV

Key Points

• Kingsview Wealth Management acquired 91,078 Ovintiv shares worth approximately $4.79 million during the second quarter. Institutional investors collectively own 83.81% of the company.
• Analysts remain broadly positive, with Ovintiv holding a consensus “Moderate Buy” rating and an average price target of $66.89, despite mixed revisions and a recent earnings miss.
• Ovintiv reported quarterly EPS of $1.74, below the $1.94 consensus estimate, while revenue exceeded expectations at $3.01 billion. The company also declared a quarterly dividend of $0.30 per share, representing a 1.9% yield.

Kingsview Wealth Management LLC bought a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 91,078 shares of the company's stock, valued at approximately $4,795,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Stifel Financial Corp increased its stake in Ovintiv by 1.4% in the fourth quarter. Stifel Financial Corp now owns 19,113 shares of the company's stock valued at $749,000 after purchasing an additional 269 shares in the last quarter. CX Institutional boosted its position in shares of Ovintiv by 1.0% during the 2nd quarter. CX Institutional now owns 28,363 shares of the company's stock worth $1,493,000 after purchasing an additional 276 shares in the last quarter. Root Financial Partners LLC boosted its position in shares of Ovintiv by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company's stock worth $54,000 after purchasing an additional 277 shares in the last quarter. Deseret Mutual Benefit Administrators grew its stake 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 buying an additional 287 shares during the period. Finally, Sanctuary Advisors LLC grew its stake 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 buying an additional 324 shares during the period. 83.81% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Wall Street Zen raised Ovintiv from a "hold" rating to a "buy" rating in a research note on Saturday, July 25th. UBS Group raised their price objective on Ovintiv from $71.00 to $74.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Weiss Ratings upgraded Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a report on Tuesday, July 28th. Zacks Research lowered Ovintiv from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 15th. Finally, Wells Fargo & Company cut their target price on Ovintiv from $80.00 to $78.00 and set an "overweight" rating on the stock in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $66.89.

Ovintiv Price Performance

OVV opened at $64.59 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $17.79 billion, a price-to-earnings ratio of 18.25 and a beta of 0.53. The firm's fifty day moving average price is $59.32 and its two-hundred day moving average price is $56.90. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $67.44.

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

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given 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%.

Insider Transactions at Ovintiv

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the 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 owned 72,530 shares in the company, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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.

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