Ovintiv Inc. $OVV Stock Position Lowered by Fisher Asset Management LLC

Key Points

• Fisher Asset Management reduced its Ovintiv position by 4.6% in the fourth quarter, selling 21,145 shares and ending with 442,296 shares valued at about $17.3 million.
• Analyst sentiment remains positive, with Barclays raising its price target to $75 and several other firms maintaining bullish ratings; the stock’s consensus rating is “Moderate Buy” with an average target price of $63.
• Ovintiv posted a better-than-expected quarterly profit of $2.00 per share, and it also declared a quarterly dividend of $0.30 per share, implying a 2.2% annualized yield.

Fisher Asset Management LLC lessened its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 4.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 442,296 shares of the company's stock after selling 21,145 shares during the period. Fisher Asset Management LLC owned approximately 0.17% of Ovintiv worth $17,334,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of OVV. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Ovintiv in the 3rd quarter worth $36,000. Flagship Harbor Advisors LLC bought a new stake in shares of Ovintiv in the 4th quarter worth $38,000. IFP Advisors Inc raised its stake in shares of Ovintiv by 58.4% in the 3rd quarter. IFP Advisors Inc now owns 1,340 shares of the company's stock worth $54,000 after buying an additional 494 shares in the last quarter. Advisory Services Network LLC bought a new stake in shares of Ovintiv in the 3rd quarter worth $58,000. Finally, CIBC Private Wealth Group LLC raised its stake in shares of Ovintiv by 258.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,576 shares of the company's stock worth $64,000 after buying an additional 1,136 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on OVV. Barclays lifted their target price on Ovintiv from $68.00 to $75.00 and gave the stock an "overweight" rating in a report on Tuesday. Royal Bank Of Canada restated an "outperform" rating and issued a $70.00 target price on shares of Ovintiv in a report on Wednesday, May 13th. Morgan Stanley began coverage on Ovintiv in a report on Friday, March 27th. They issued an "equal weight" rating and a $68.00 target price on the stock. Truist Financial decreased their target price on Ovintiv from $72.00 to $70.00 and set a "buy" rating on the stock in a report on Wednesday, May 13th. Finally, Stephens upgraded Ovintiv to a "hold" rating in a report on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $63.00.

Insiders Place Their Bets

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv 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 in the company, valued at approximately $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the sale, 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 position. The disclosure for this sale is available in the SEC filing. Insiders own 0.85% of the company's stock.

Ovintiv Stock Performance

Shares of OVV stock opened at $55.72 on Thursday. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $63.46. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $15.66 billion, a price-to-earnings ratio of 17.97 and a beta of 0.57. The stock's fifty day simple moving average is $58.01 and its 200-day simple moving average is $48.34.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, beating 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 business had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.38 billion. On average, sell-side analysts predict that Ovintiv Inc. will post 8.5 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.30 per share. The ex-dividend date is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.2%. Ovintiv's payout ratio is currently 38.71%.

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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