Truist Financial Corp Sells 46,741 Shares of Ovintiv Inc. $OVV

Key Points

• Truist Financial Corp reduced its Ovintiv stake by 38.1% in the fourth quarter, selling 46,741 shares and leaving it with 75,914 shares worth about $2.98 million.
• Several Ovintiv insiders sold shares, including Director Howard John Mayson and EVP Meghan Nicole Eilers, while company insiders now own just 0.85% of the stock.
• Ovintiv reported better-than-expected Q1 results, with EPS of $2.00 on revenue of $2.40 billion, and highlighted strong cash flow, lower net debt, and a restarted share repurchase program.

Truist Financial Corp cut its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 38.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,914 shares of the company's stock after selling 46,741 shares during the quarter. Truist Financial Corp's holdings in Ovintiv were worth $2,975,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Foster Dykema Cabot & Partners LLC bought a new position in Ovintiv in the 3rd quarter worth $36,000. Quent Capital LLC bought a new position in Ovintiv in the 3rd quarter worth $37,000. Flagship Harbor Advisors LLC bought a new position in Ovintiv in the 4th quarter worth $38,000. IFP Advisors Inc raised its holdings in 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 purchasing an additional 494 shares in the last quarter. Finally, Advisory Services Network LLC bought a new position in Ovintiv in the 3rd quarter worth $58,000. 83.81% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of Ovintiv 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 of the company's stock, valued at $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv 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 directly owned 54,092 shares in the company, valued at $2,963,159.76. This represents a 17.64% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.85% of the company's stock.

More Ovintiv News

Here are the key news stories impacting Ovintiv this week:

• Positive Sentiment: Ovintiv reported Q1 earnings of $2.00 per share on revenue of $2.40 billion, topping Wall Street estimates and signaling stronger-than-expected operating performance. MarketBeat earnings report
• Positive Sentiment: The company generated $1.1 billion in cash from operations and $634 million in free cash flow, underscoring robust cash flow support for dividends, buybacks, and debt reduction. PR Newswire release
• Positive Sentiment: Management said net debt fell to under $3.3 billion, about 40% lower than a year ago, and the company restarted share repurchases, which investors often view favorably. PR Newswire release
• Positive Sentiment: Analysts reacted positively, with some raising forecasts and National Bank Financial lifting its price target to $82 from $80 while maintaining an outperform rating. Benzinga article
• Neutral Sentiment: Ovintiv also announced a quarterly dividend of $0.30 per share, reinforcing its shareholder-return profile. MarketBeat stock page

Ovintiv Stock Performance

Shares of OVV stock opened at $58.09 on Wednesday. The company has a 50 day moving average price of $56.85 and a 200-day moving average price of $46.68. Ovintiv Inc. has a 52 week low of $34.88 and a 52 week high of $63.46. The firm has a market capitalization of $16.46 billion, a PE ratio of 18.74, a P/E/G ratio of 1.66 and a beta of 0.57. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings results 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 13.43%. The firm had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. As a group, equities research analysts expect that Ovintiv Inc. will post 7.59 earnings per share for the current 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 $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 dividend yield of 2.1%. Ovintiv's dividend payout ratio (DPR) is presently 24.79%.

Wall Street Analyst Weigh In

OVV has been the subject of several research reports. National Bank Financial increased their price target on shares of Ovintiv from $80.00 to $82.00 and gave the stock an "outperform" rating in a research note on Tuesday. Stephens upgraded shares of Ovintiv to a "hold" rating in a research note on Tuesday, February 3rd. Wall Street Zen lowered shares of Ovintiv from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Zacks Research upgraded shares of Ovintiv from a "strong sell" rating to a "hold" rating in a research note on Tuesday, March 3rd. Finally, Roth Mkm increased their price target on shares of Ovintiv from $42.00 to $50.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 24th. Fifteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Ovintiv presently has a consensus rating of "Moderate Buy" and an average target price of $62.11.

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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