Thrivent Financial for Lutherans Decreases Stock Holdings in Ovintiv Inc. $OVV

Key Points

• Thrivent Financial for Lutherans cut its Ovintiv stake by 22.9% in the fourth quarter, selling 30,665 shares and ending with 103,100 shares valued at about $4.04 million.
• Ovintiv reported strong quarterly results, posting earnings of $2.00 per share versus the $1.85 consensus estimate and revenue of $2.40 billion, slightly above expectations.
• The company also announced a quarterly dividend of $0.30 per share, implying a 2.0% annualized yield, while analysts currently rate the stock a consensus Moderate Buy with a $62.32 price target.

Thrivent Financial for Lutherans trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 22.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 103,100 shares of the company's stock after selling 30,665 shares during the quarter. Thrivent Financial for Lutherans' holdings in Ovintiv were worth $4,040,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fiduciary Financial Group LLC increased its position in Ovintiv by 3.2% in the fourth quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company's stock worth $371,000 after buying an additional 297 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Ovintiv by 2.3% in the third quarter. PNC Financial Services Group Inc. now owns 14,834 shares of the company's stock worth $599,000 after buying an additional 340 shares during the last quarter. IFP Advisors Inc increased its position in Ovintiv by 58.4% in the third quarter. IFP Advisors Inc now owns 1,340 shares of the company's stock worth $54,000 after buying an additional 494 shares during the last quarter. Quadrant Capital Group LLC increased its position in Ovintiv by 1.9% in the third quarter. Quadrant Capital Group LLC now owns 26,203 shares of the company's stock worth $1,058,000 after buying an additional 495 shares during the last quarter. Finally, Illinois Municipal Retirement Fund increased its position in Ovintiv by 0.9% in the third quarter. Illinois Municipal Retirement Fund now owns 58,640 shares of the company's stock worth $2,368,000 after buying an additional 499 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on OVV. UBS Group decreased their target price on Ovintiv from $76.00 to $75.00 and set a "buy" rating for the company in a research report on Thursday, April 9th. Roth Mkm raised their target price on Ovintiv from $42.00 to $50.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 24th. Wall Street Zen downgraded Ovintiv from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. JPMorgan Chase & Co. began coverage on Ovintiv in a research report on Wednesday, February 25th. They issued an "overweight" rating and a $58.00 target price for the company. Finally, Stephens raised Ovintiv to a "hold" rating in a research report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $62.32.

Insider Buying and Selling at Ovintiv

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 value of $634,461.96. Following the completion of the transaction, the executive vice president directly 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 document filed with the Securities & Exchange Commission, 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 completion of the transaction, the director owned 45,780 shares of the company's stock, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.85% of the stock is currently owned by insiders.

Ovintiv Price Performance

Shares of NYSE OVV opened at $58.75 on Friday. The stock has a market cap of $16.51 billion, a PE ratio of 18.95 and a beta of 0.57. Ovintiv Inc. has a fifty-two week low of $34.99 and a fifty-two 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 stock has a fifty day moving average of $57.89 and a 200-day moving average of $47.85.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.15. The company had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. Equities research analysts anticipate that Ovintiv Inc. will post 8.27 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a $0.30 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. Ovintiv's payout ratio is 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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