Entropy Technologies LP Increases Stock Holdings in Ovintiv Inc. $OVV

Entropy Technologies LP boosted its stake in Ovintiv Inc. (NYSE:OVV) by 10.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 114,113 shares of the company’s stock after purchasing an additional 11,075 shares during the quarter. Entropy Technologies LP’s holdings in Ovintiv were worth $4,608,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. McIlrath & Eck LLC bought a new stake in shares of Ovintiv during the 3rd quarter valued at about $31,000. HM Payson & Co. bought a new position in Ovintiv in the third quarter worth about $36,000. Foster Dykema Cabot & Partners LLC purchased a new stake in Ovintiv in the third quarter worth about $36,000. Quent Capital LLC purchased a new stake in Ovintiv in the third quarter worth about $37,000. Finally, MAI Capital Management boosted its position in Ovintiv by 174.6% during the 2nd quarter. MAI Capital Management now owns 1,170 shares of the company’s stock valued at $45,000 after acquiring an additional 744 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. UBS Group increased their target price on Ovintiv from $61.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Wells Fargo & Company upped their price target on Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 18th. Roth Mkm increased their price objective on Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Scotiabank raised Ovintiv from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. Finally, Jefferies Financial Group restated a “buy” rating and set a $54.00 target price on shares of Ovintiv in a report on Saturday, January 17th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.53.

Insider Activity

In related news, Director Howard John Mayson sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the transaction, the director owned 45,780 shares in the company, valued at $2,398,414.20. The trade was a 9.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Ovintiv Stock Performance

Shares of OVV opened at $54.88 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock has a market cap of $15.55 billion, a P/E ratio of 11.34, a P/E/G ratio of 3.00 and a beta of 0.69. The business’s 50 day moving average price is $45.48 and its 200-day moving average price is $41.68. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $55.85.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the company earned ($0.23) EPS. Equities research analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, March 13th. Ovintiv’s payout ratio is currently 24.79%.

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.