Ovintiv Inc. $OVV Shares Sold by Legal & General Group Plc

Key Points

• Legal & General Group Plc cut its Ovintiv stake by 11.5% in the fourth quarter, selling 59,432 shares and ending with 455,984 shares valued at about $17.9 million.
• Ovintiv reported stronger-than-expected quarterly results, posting EPS of $2.00 versus the $1.85 consensus and revenue of $2.40 billion, while also maintaining an annualized dividend of $1.20 per share for a 2.1% yield.
• Analyst sentiment remains constructive, with Scotiabank upgrading the stock to buy and the overall Wall Street consensus sitting at “Moderate Buy” with an average target price of $63.00.

Legal & General Group Plc lessened its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 11.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 455,984 shares of the company's stock after selling 59,432 shares during the quarter. Legal & General Group Plc owned about 0.18% of Ovintiv worth $17,870,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Systematic Financial Management LP increased its stake in shares of Ovintiv by 9.0% during the fourth quarter. Systematic Financial Management LP now owns 738,330 shares of the company's stock valued at $28,935,000 after acquiring an additional 61,273 shares during the period. MQS Management LLC acquired a new position in shares of Ovintiv during the fourth quarter valued at approximately $369,000. Global Retirement Partners LLC increased its stake in shares of Ovintiv by 96.3% during the fourth quarter. Global Retirement Partners LLC now owns 1,663 shares of the company's stock valued at $65,000 after acquiring an additional 816 shares during the period. Leonteq Securities AG acquired a new position in shares of Ovintiv during the fourth quarter valued at approximately $157,000. Finally, IFP Advisors Inc increased its stake in shares of Ovintiv by 106.5% during the fourth quarter. IFP Advisors Inc now owns 2,765 shares of the company's stock valued at $108,000 after acquiring an additional 1,426 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Insider Buying and Selling

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the firm's stock in a transaction that occurred on 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 transaction, the executive vice president owned 54,092 shares of the company's stock, valued at approximately $2,963,159.76. This trade represents a 17.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.85% of the company's stock.

Ovintiv Trading Up 3.8%

Ovintiv stock opened at $58.17 on Tuesday. The company has a 50 day moving average price of $58.03 and a 200 day moving average price of $48.71. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $63.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market capitalization of $16.35 billion, a price-to-earnings ratio of 18.76 and a beta of 0.57.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.85 by $0.15. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. The firm had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. Research analysts forecast that Ovintiv Inc. will post 8.15 EPS for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.1%. Ovintiv's dividend payout ratio (DPR) is currently 38.71%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Scotiabank upgraded shares of Ovintiv from an "outperform" rating to a "buy" rating in a research note on Wednesday, May 20th. Weiss Ratings cut shares of Ovintiv from a "buy (b-)" rating to a "hold (c)" rating in a report on Tuesday, May 12th. Morgan Stanley started coverage on shares of Ovintiv in a report on Friday, March 27th. They set an "equal weight" rating and a $68.00 target price for the company. UBS Group reduced their target price on shares of Ovintiv from $76.00 to $75.00 and set a "buy" rating for the company in a report on Thursday, April 9th. Finally, TD Cowen raised their target price on shares of Ovintiv from $58.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of "Moderate Buy" and an average target price of $63.00.

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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