Ovintiv Inc. $OVV Position Increased by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its stake in Ovintiv by 43.9% in Q4 to 105,344 shares (an additional 32,157 shares) worth about $4.13 million.
• Company insiders sold shares: EVP Meghan Nicole Eilers sold 11,582 shares for roughly $634,462 (reducing her holding by 17.64%) and Director Howard J. Mayson sold 5,000 shares for about $261,950.
• Fundamentals and analyst view: Ovintiv beat EPS estimates with $1.39 versus $0.98, pays a $0.30 quarterly dividend (2.2% yield), has a $15.79B market cap, and a consensus price target of $60.42 ("Moderate Buy").

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 43.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 105,344 shares of the company's stock after acquiring an additional 32,157 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Ovintiv were worth $4,128,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of OVV. McIlrath & Eck LLC acquired a new position in shares of Ovintiv during the third quarter valued at $31,000. HM Payson & Co. acquired a new position in shares of Ovintiv during the third quarter valued at $36,000. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Ovintiv during the third quarter valued at $36,000. Quent Capital LLC acquired a new position in shares of Ovintiv during the third quarter valued at $37,000. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of Ovintiv during the fourth quarter valued at $38,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Insider Activity

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the company's stock in a transaction dated Friday, March 13th. The shares were 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. This represents a 17.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Howard John Mayson sold 5,000 shares of the company's stock in a transaction dated 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 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. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.85% of the company's stock.

Ovintiv Stock Performance

OVV stock opened at $55.74 on Friday. The company has a market capitalization of $15.79 billion, a P/E ratio of 11.52, a PEG ratio of 1.85 and a beta of 0.59. The company has a 50-day simple moving average of $54.83 and a 200 day simple moving average of $45.06. Ovintiv Inc. has a fifty-two week low of $32.91 and a fifty-two week high of $62.60. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.41. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.89 billion. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. During the same quarter in the prior year, the company posted ($0.23) earnings per share. Sell-side analysts predict that Ovintiv Inc. will post 6.52 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business 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 yield of 2.2%. Ovintiv's dividend payout ratio is presently 24.79%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on OVV. Jefferies Financial Group reissued a "buy" rating and set a $54.00 price target on shares of Ovintiv in a report on Saturday, January 17th. Scotiabank boosted their price target on shares of Ovintiv from $58.00 to $65.00 and gave the company a "sector outperform" rating in a report on Thursday, March 19th. Roth Mkm boosted their price target on shares of Ovintiv from $42.00 to $50.00 and gave the company a "neutral" rating in a report on Tuesday, February 24th. Morgan Stanley began coverage on shares of Ovintiv in a report on Friday, March 27th. They set an "equal weight" rating and a $68.00 price target for the company. Finally, Wells Fargo & Company set a $55.00 price target on shares of Ovintiv in a report on Monday, April 20th. Fifteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $60.42.

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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