Kingsview Wealth Management LLC Takes $4.79 Million Position in Ovintiv Inc. $OVV

Kingsview Wealth Management LLC bought a new position in shares of Ovintiv Inc. (NYSE:OVV) during the second quarter, Holdings Channel reports. The firm bought 91,078 shares of the company’s stock, valued at approximately $4,795,000.

A number of other hedge funds also recently made changes to their positions in the business. Steph & Co. purchased a new position in Ovintiv in the first quarter valued at about $29,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Ovintiv during the 2nd quarter valued at approximately $32,000. Aberdeen Wealth Management LLC purchased a new stake in shares of Ovintiv during the 2nd quarter worth approximately $32,000. Los Angeles Capital Management LLC purchased a new stake in shares of Ovintiv during the 4th quarter worth approximately $46,000. Finally, Deseret Mutual Benefit Administrators raised its holdings in shares of Ovintiv by 27.6% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after purchasing an additional 287 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Stephens reiterated a “positive” rating and issued a $69.00 price objective on shares of Ovintiv in a research note on Friday, July 24th. Scotiabank upgraded Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th. Morgan Stanley set a $67.00 price target on Ovintiv in a research report on Wednesday, August 19th. Mizuho upped their price target on Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Roth Capital increased their price target on Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.89.

Insider Buying and Selling

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the transaction, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. The trade was a 9.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.85% of the stock is currently owned by insiders.

Ovintiv Trading Down 0.9%

Shares of OVV opened at $64.59 on Friday. Ovintiv Inc. has a twelve month low of $35.47 and a twelve month high of $67.44. The stock has a market cap of $17.79 billion, a PE ratio of 18.25 and a beta of 0.53. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The business’s 50-day moving average price is $59.32 and its 200-day moving average price is $56.90.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. On average, equities analysts forecast that Ovintiv Inc. will post 7.09 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s dividend payout ratio (DPR) is presently 33.90%.

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.