North Dakota State Investment Board Acquires Shares of 9,022 Ovintiv Inc. $OVV

North Dakota State Investment Board acquired a new stake in Ovintiv Inc. (NYSE:OVV) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 9,022 shares of the company’s stock, valued at approximately $354,000.

A number of other hedge funds have also recently bought and sold shares of OVV. Foster Dykema Cabot & Partners LLC bought a new position in Ovintiv in the 3rd quarter valued at $36,000. Flagship Harbor Advisors LLC bought a new position in Ovintiv in the 4th quarter valued at $38,000. IFP Advisors Inc boosted its position in Ovintiv by 58.4% in the 3rd quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock valued at $54,000 after buying an additional 494 shares during the last quarter. Advisory Services Network LLC bought a new position in Ovintiv in the 3rd quarter valued at $58,000. Finally, CIBC Private Wealth Group LLC boosted its position in Ovintiv by 258.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,576 shares of the company’s stock valued at $64,000 after buying an additional 1,136 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. UBS Group decreased their price objective on Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, April 9th. Citigroup reiterated a “neutral” rating and issued a $62.00 price objective (up from $52.00) on shares of Ovintiv in a research report on Monday, March 30th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $70.00 price objective on shares of Ovintiv in a research report on Wednesday, May 13th. JPMorgan Chase & Co. assumed coverage on Ovintiv in a research report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 price objective on the stock. Finally, Roth Mkm increased their price target on Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $62.32.

Insiders Place Their Bets

In related news, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the sale, 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the firm’s 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 sale, the executive vice president directly owned 54,092 shares in the company, valued at $2,963,159.76. The trade was a 17.64% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.85% of the company’s stock.

Ovintiv Stock Performance

OVV stock opened at $58.75 on Friday. The business’s fifty day moving average is $57.89 and its 200-day moving average is $47.85. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. The company has a market cap of $16.51 billion, a P/E ratio of 18.95 and a beta of 0.57. Ovintiv Inc. has a twelve month low of $34.99 and a twelve month high of $63.46.

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

Ovintiv Announces Dividend

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 paid 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 2.0%. Ovintiv’s dividend payout ratio is 38.71%.

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.