GW&K Investment Management LLC Cuts Holdings in Ovintiv Inc. $OVV

GW&K Investment Management LLC trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 4.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 747,647 shares of the company’s stock after selling 36,307 shares during the period. GW&K Investment Management LLC’s holdings in Ovintiv were worth $29,300,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Los Angeles Capital Management LLC purchased a new position in shares of Ovintiv during the 4th quarter worth approximately $46,000. Prudential PLC raised its stake in shares of Ovintiv by 125.7% during the 4th quarter. Prudential PLC now owns 78,896 shares of the company’s stock worth $3,092,000 after buying an additional 43,945 shares in the last quarter. Deseret Mutual Benefit Administrators raised its stake in shares of Ovintiv by 27.6% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after buying an additional 287 shares in the last quarter. Vise Technologies Inc. raised its stake in shares of Ovintiv by 67.1% during the 4th quarter. Vise Technologies Inc. now owns 9,110 shares of the company’s stock worth $357,000 after buying an additional 3,658 shares in the last quarter. Finally, Cibc World Market Inc. raised its stake in shares of Ovintiv by 23.3% during the 4th quarter. Cibc World Market Inc. now owns 87,402 shares of the company’s stock worth $3,425,000 after buying an additional 16,513 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ovintiv

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The shares were 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 owned 54,092 shares of the company’s stock, valued at $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.85% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on OVV. Morgan Stanley began coverage on shares of Ovintiv in a report on Friday, March 27th. They set an “equal weight” rating and a $68.00 price objective on the stock. Mizuho boosted their price objective on shares of Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Weiss Ratings downgraded shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a report on Tuesday, May 12th. TD Cowen boosted their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. Finally, The Goldman Sachs Group boosted their price objective on shares of Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. One investment 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. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Ovintiv Stock Performance

NYSE:OVV opened at $58.04 on Thursday. The firm has a 50 day simple moving average of $57.82 and a 200-day simple moving average of $49.66. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market cap of $16.31 billion, a PE ratio of 18.72 and a beta of 0.53. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $63.46.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data 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 business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. On average, equities analysts expect that Ovintiv Inc. will post 8.15 EPS for the current year.

Ovintiv Announces Dividend

The company also recently disclosed 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. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Monday, June 15th. Ovintiv’s payout ratio is currently 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.