Ovintiv Inc. $OVV Position Trimmed by Cwm LLC

Key Points

• Cwm LLC cut its position by 51.5% in Q4, selling 97,259 shares and ending the period with 91,607 Ovintiv shares worth about $3.59 million.
• Several large institutions increased stakes—Dimensional Fund Advisors (+25.8% to 9.39M shares) and AQR (+263.8% to 4.95M shares) among them—leaving institutional ownership at about 83.81%.
• Analysts have a consensus "Moderate Buy" with an average target of $60.42; Ovintiv trades near $55.73, has a $15.79B market cap, a P/E of 11.51, and a $1.20 annual dividend (≈2.2% yield).

Cwm LLC decreased its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 51.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 91,607 shares of the company's stock after selling 97,259 shares during the period. Cwm LLC's holdings in Ovintiv were worth $3,590,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in Ovintiv by 25.8% during the third quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company's stock valued at $379,165,000 after purchasing an additional 1,927,193 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Ovintiv by 12.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,888,500 shares of the company's stock worth $237,747,000 after buying an additional 649,819 shares in the last quarter. AQR Capital Management LLC lifted its position in Ovintiv by 263.8% in the 3rd 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 in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Ovintiv by 8.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,740,750 shares of the company's stock valued at $110,671,000 after buying an additional 216,153 shares during the period. Finally, Holocene Advisors LP boosted its stake in shares of Ovintiv by 5.1% during the 3rd quarter. Holocene Advisors LP now owns 2,619,615 shares of the company's stock valued at $105,780,000 after buying an additional 126,245 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on OVV shares. Wells Fargo & Company set a $55.00 price target on shares of Ovintiv in a research note on Monday. Morgan Stanley assumed coverage on Ovintiv in a research report on Friday, March 27th. They set an "equal weight" rating and a $68.00 price objective for the company. Truist Financial boosted their target price on Ovintiv from $70.00 to $72.00 and gave the company a "buy" rating in a research note on Monday, April 13th. Royal Bank Of Canada upped their target price on Ovintiv from $55.00 to $70.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 8th. Finally, TD Cowen raised their price target on Ovintiv from $58.00 to $60.00 and gave the stock a "buy" rating in a research note on Tuesday, March 17th. Fifteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of "Moderate Buy" and an average price target of $60.42.

Ovintiv Stock Performance

Shares of OVV opened at $55.73 on Thursday. The company's fifty day moving average is $54.44 and its 200-day moving average is $44.84. Ovintiv Inc. has a 12 month low of $32.91 and a 12 month high of $62.60. The firm has a market cap of $15.79 billion, a price-to-earnings ratio of 11.51, a price-to-earnings-growth ratio of 1.79 and a beta of 0.59. 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 released its quarterly earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.41. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter last year, the firm earned ($0.23) EPS. Equities analysts expect that Ovintiv Inc. will post 6.52 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, March 13th. Ovintiv's dividend payout ratio (DPR) is 24.79%.

Insider Activity

In other news, 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 owned 45,780 shares in the company, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the 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 transaction, the executive vice president directly owned 54,092 shares in the company, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.85% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.