Callan Family Office LLC Takes Position in Ovintiv Inc. $OVV

Callan Family Office LLC bought a new position in Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 21,586 shares of the company’s stock, valued at approximately $1,137,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Steph & Co. bought a new stake in Ovintiv in the 1st quarter valued at $29,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Ovintiv during the 2nd quarter valued at about $32,000. Root Financial Partners LLC boosted its holdings in shares of Ovintiv by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after purchasing an additional 277 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Ovintiv during the fourth quarter valued at about $46,000. Finally, Deseret Mutual Benefit Administrators grew its position in shares of Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after purchasing an additional 287 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $65.91 on Tuesday. The stock has a market cap of $18.16 billion, a price-to-earnings ratio of 18.62 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a 50 day moving average price of $58.37 and a 200-day moving average price of $56.45. Ovintiv Inc. has a one year low of $35.47 and a one year high of $67.44.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). The company had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. Equities analysts expect that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 1.8%. Ovintiv’s dividend payout ratio is currently 33.90%.

Insider Buying and Selling at Ovintiv

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

OVV has been the topic of a number of research analyst reports. Truist Financial reiterated a “buy” rating and issued a $73.00 target price (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. Citigroup raised their price target on Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th. Barclays upped their price objective on Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Finally, Stephens reiterated a “positive” rating and set a $69.00 target price on shares of Ovintiv in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $66.89.

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.