Ovintiv Inc. $OVV Shares Bought by Holocene Advisors LP

Key Points

• Holocene Advisors increased its stake in Ovintiv by 5.1% to 2,619,615 shares (about 1.03% ownership), a position valued at roughly $105.78 million, and institutional investors own about 83.81% of the stock.
• Ovintiv beat the recent quarter's EPS estimate ($1.39 vs. $0.98) while revenue was roughly in line, and the company announced a quarterly dividend of $0.30 per share (annualized $1.20, ~2.2% yield).
• Analysts are generally positive with a MarketBeat average rating of "Moderate Buy" and an average price target of $53.53, while several firms have recently raised targets to the high $50s and maintained buy/overweight calls.

Holocene Advisors LP grew its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 5.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,619,615 shares of the company's stock after buying an additional 126,245 shares during the period. Holocene Advisors LP owned 1.03% of Ovintiv worth $105,780,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Integrated Wealth Concepts LLC boosted its holdings in Ovintiv by 70.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company's stock valued at $391,000 after acquiring an additional 3,788 shares during the last quarter. Great Lakes Advisors LLC acquired a new stake in Ovintiv during the first quarter worth about $202,000. Focus Partners Wealth increased its stake in Ovintiv by 49.3% during the first quarter. Focus Partners Wealth now owns 19,282 shares of the company's stock worth $825,000 after acquiring an additional 6,364 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Ovintiv by 47.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company's stock worth $78,000 after purchasing an additional 589 shares during the period. Finally, ProShare Advisors LLC lifted its stake in shares of Ovintiv by 3.8% in the 2nd quarter. ProShare Advisors LLC now owns 11,518 shares of the company's stock valued at $438,000 after purchasing an additional 427 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Howard John Mayson sold 5,000 shares of the business's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the transaction, the director directly owned 45,780 shares of the company's stock, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.89% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on OVV shares. Wells Fargo & Company boosted their target price on Ovintiv from $38.00 to $42.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 18th. Zacks Research upgraded shares of Ovintiv from a "strong sell" rating to a "hold" rating in a report on Tuesday, March 3rd. Jefferies Financial Group reaffirmed a "buy" rating and set a $54.00 price target on shares of Ovintiv in a research report on Saturday, January 17th. National Bank Financial boosted their price objective on shares of Ovintiv from $56.00 to $58.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 25th. Finally, Barclays increased their price objective on shares of Ovintiv from $55.00 to $58.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 25th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $53.53.

Ovintiv Price Performance

Shares of NYSE OVV opened at $55.40 on Monday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $55.85. The company has a market capitalization of $15.70 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 3.01 and a beta of 0.69. The business has a 50-day moving average of $45.78 and a 200-day moving average of $41.78.

Ovintiv (NYSE:OVV - Get Free Report) last announced 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 business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same period last year, the business posted ($0.23) EPS. On average, equities analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.2%. Ovintiv's dividend payout ratio (DPR) is currently 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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