Systematic Financial Management LP Boosts Holdings in Ovintiv Inc. $OVV

Key Points

• Systematic Financial Management LP increased its Ovintiv stake by 9.0% in the fourth quarter, bringing its holdings to 738,330 shares valued at about $28.9 million.
• Ovintiv recently beat quarterly earnings expectations, reporting EPS of $2.00 versus the $1.85 consensus, while revenue of $2.40 billion also edged past estimates.
• The company declared a quarterly dividend of $0.30 per share, implying an annualized payout of $1.20 and a yield of about 2.0%.

Systematic Financial Management LP boosted its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 9.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 738,330 shares of the company's stock after acquiring an additional 61,273 shares during the period. Systematic Financial Management LP owned 0.29% of Ovintiv worth $28,935,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Foster Dykema Cabot & Partners LLC purchased a new stake in Ovintiv during the third quarter valued at approximately $36,000. Flagship Harbor Advisors LLC purchased a new stake in Ovintiv during the fourth quarter valued at approximately $38,000. IFP Advisors Inc lifted its position in Ovintiv by 58.4% during the third quarter. IFP Advisors Inc now owns 1,340 shares of the company's stock valued at $54,000 after acquiring an additional 494 shares during the last quarter. Advisory Services Network LLC purchased a new stake in Ovintiv during the third quarter valued at approximately $58,000. Finally, CIBC Private Wealth Group LLC lifted its position in Ovintiv by 258.2% during the third quarter. CIBC Private Wealth Group LLC now owns 1,576 shares of the company's stock valued at $64,000 after acquiring an additional 1,136 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on OVV shares. Stephens raised shares of Ovintiv to a "hold" rating in a research report on Tuesday, February 3rd. Mizuho increased their target price on shares of Ovintiv from $68.00 to $69.00 and gave the company an "outperform" rating in a research report on Wednesday, May 13th. UBS Group decreased their target price on shares of Ovintiv from $76.00 to $75.00 and set a "buy" rating for the company in a research report on Thursday, April 9th. Citigroup reissued a "neutral" rating and set a $62.00 target price (up from $52.00) on shares of Ovintiv in a research report on Monday, March 30th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $70.00 price target on shares of Ovintiv in a research note on Wednesday, May 13th. One equities 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 stock currently has an average rating of "Moderate Buy" and a consensus price target of $62.32.

Ovintiv Trading Down 0.2%

Shares of Ovintiv stock opened at $58.75 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. Ovintiv Inc. has a 12-month low of $34.99 and a 12-month high of $63.46. The firm has a market capitalization of $16.51 billion, a price-to-earnings ratio of 18.95 and a beta of 0.57. The firm's 50 day simple moving average is $57.89 and its two-hundred day simple moving average is $47.85.

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

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid 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 yield of 2.0%. Ovintiv's dividend payout ratio is presently 38.71%.

Insider Buying and Selling

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of the company's stock in a transaction that occurred 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 owned 45,780 shares in the company, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the company'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 transaction of $634,461.96. Following the transaction, the executive vice president owned 54,092 shares in the company, valued at $2,963,159.76. The trade was a 17.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.85% of the company's stock.

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.

Want to see what other hedge funds are holding OVV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ovintiv Inc. (NYSE:OVV - Free Report).

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.