Ovintiv Inc. $OVV Shares Bought by Pacific Heights Asset Management LLC

Key Points

• Pacific Heights Asset Management increased its Ovintiv stake by 23.7% in the fourth quarter, buying 115,000 more shares and bringing its total to 600,000 shares worth about $23.5 million.
• Ovintiv reported strong first-quarter results, with earnings of $2.00 per share topping estimates of $1.85 and revenue of $2.40 billion slightly above forecasts.
• The company also announced a quarterly dividend of $0.30 per share, payable June 30, implying an annualized yield of about 2.0%.

Pacific Heights Asset Management LLC boosted its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 23.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 600,000 shares of the company's stock after buying an additional 115,000 shares during the period. Pacific Heights Asset Management LLC owned 0.24% of Ovintiv worth $23,514,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings 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 valued at $379,165,000 after purchasing an additional 1,927,193 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of 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 purchasing an additional 649,819 shares during the period. AQR Capital Management LLC increased its holdings 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 valued at $199,866,000 after purchasing an additional 3,589,030 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Ovintiv by 8.6% in the third quarter. Bank of New York Mellon Corp now owns 2,740,750 shares of the company's stock valued at $110,671,000 after purchasing an additional 216,153 shares during the period. Finally, Holocene Advisors LP increased its holdings in shares of Ovintiv by 5.1% in the third quarter. Holocene Advisors LP now owns 2,619,615 shares of the company's stock valued at $105,780,000 after purchasing an additional 126,245 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Insiders Place Their Bets

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the company's stock in a transaction on Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the transaction, 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Howard John Mayson sold 5,000 shares of the company's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the transaction, the director directly owned 45,780 shares in the company, valued at $2,398,414.20. This represents a 9.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.85% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on OVV. Wall Street Zen lowered Ovintiv from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Citigroup reissued a "neutral" rating and issued a $62.00 target price (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Roth Mkm boosted their target price on Ovintiv from $42.00 to $50.00 and gave the company a "neutral" rating in a report on Tuesday, February 24th. TD Cowen boosted their target price on Ovintiv from $58.00 to $60.00 and gave the company a "buy" rating in a report on Tuesday, March 17th. Finally, Scotiabank boosted their target price on Ovintiv from $65.00 to $67.00 and gave the company a "sector outperform" rating in a report on Tuesday, May 12th. Fourteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Ovintiv currently has an average rating of "Moderate Buy" and a consensus price target of $62.16.

Ovintiv Trading Up 0.0%

Shares of OVV stock opened at $60.03 on Monday. The business's fifty day moving average price is $57.26 and its 200 day moving average price is $47.12. Ovintiv Inc. has a 1-year low of $34.88 and a 1-year high of $63.46. The firm has a market capitalization of $16.87 billion, a PE ratio of 19.36 and a beta of 0.57. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, topping analysts' consensus estimates of $1.85 by $0.15. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%.The firm had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. As a group, sell-side analysts forecast that Ovintiv Inc. will post 8.27 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Monday, June 15th. Ovintiv's dividend payout ratio is currently 38.71%.

Ovintiv 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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