Evergreen Capital Management LLC Buys New Shares in Ovintiv Inc. $OVV

Evergreen Capital Management LLC bought a new position in Ovintiv Inc. (NYSE:OVV) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 1,507,331 shares of the company’s stock, valued at approximately $60,866,000. Ovintiv accounts for about 1.4% of Evergreen Capital Management LLC’s holdings, making the stock its 10th largest holding. Evergreen Capital Management LLC owned about 0.59% of Ovintiv at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Ovintiv by 3.4% in the second quarter. Charles Schwab Investment Management Inc. now owns 9,571,397 shares of the company’s stock worth $364,192,000 after acquiring an additional 312,827 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Ovintiv by 7.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 5,238,681 shares of the company’s stock worth $199,441,000 after purchasing an additional 368,249 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Ovintiv by 143.8% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock worth $142,278,000 after purchasing an additional 2,205,233 shares during the period. Holocene Advisors LP boosted its stake in Ovintiv by 11.6% in the 2nd quarter. Holocene Advisors LP now owns 2,493,370 shares of the company’s stock worth $94,873,000 after purchasing an additional 258,796 shares during the period. Finally, Merewether Investment Management LP grew its holdings in Ovintiv by 17.2% during the 2nd quarter. Merewether Investment Management LP now owns 2,146,196 shares of the company’s stock valued at $81,663,000 after buying an additional 315,331 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

Insider Activity at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of Ovintiv stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the completion of the transaction, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. The trade was a 32.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on OVV shares. Citigroup dropped their target price on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Zacks Research raised shares of Ovintiv from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. National Bankshares cut their price objective on Ovintiv from $66.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday, October 22nd. Royal Bank Of Canada set a $55.00 target price on Ovintiv and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Finally, JPMorgan Chase & Co. cut their price target on Ovintiv from $50.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.25.

Ovintiv Trading Down 0.6%

Shares of OVV stock opened at $39.71 on Friday. The company has a market cap of $10.06 billion, a PE ratio of 43.64, a price-to-earnings-growth ratio of 2.15 and a beta of 0.76. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $46.35. The stock’s 50 day simple moving average is $39.40 and its two-hundred day simple moving average is $39.73. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.45 and a quick ratio of 0.45.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.06. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%.The firm had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Research analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, December 15th. Ovintiv’s dividend payout ratio (DPR) is 131.87%.

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.