Wellington Management Group LLP Increases Stock Holdings in Ovintiv Inc. $OVV

Wellington Management Group LLP lifted its position in shares of Ovintiv Inc. (NYSE:OVV) by 42.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,577,210 shares of the company’s stock after acquiring an additional 470,241 shares during the period. Wellington Management Group LLP’s holdings in Ovintiv were worth $83,040,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Stifel Financial Corp grew its stake in Ovintiv by 1.4% in the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock valued at $749,000 after acquiring an additional 269 shares during the last quarter. CX Institutional lifted its holdings in shares of Ovintiv by 1.0% in the second quarter. CX Institutional now owns 28,363 shares of the company’s stock valued at $1,493,000 after purchasing an additional 276 shares in the last quarter. Root Financial Partners LLC lifted its holdings in shares of Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after purchasing an additional 277 shares in the last quarter. Deseret Mutual Benefit Administrators grew its position in shares of Ovintiv by 27.6% in 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 during the last quarter. Finally, Sanctuary Advisors LLC grew its position in shares of Ovintiv by 2.6% in the first quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company’s stock valued at $773,000 after purchasing an additional 324 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Weiss Ratings upgraded Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Seaport Research Partners initiated coverage on Ovintiv in a report on Thursday. They issued a “neutral” rating for the company. National Bank Financial upped their price objective on Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Mizuho increased their price objective on Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, Scotiabank upgraded Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. 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. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $66.95.

Ovintiv Trading Up 0.4%

OVV stock opened at $66.87 on Thursday. 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 company has a market cap of $18.42 billion, a price-to-earnings ratio of 18.89 and a beta of 0.53. The business has a fifty day simple moving average of $60.05 and a 200-day simple moving average of $57.39. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $67.51.

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

Ovintiv Announces Dividend

The company also recently disclosed 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. This represents a $1.20 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s payout ratio is currently 33.90%.

Insider Activity

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction 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. The trade was a 9.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.85% of the company’s stock.

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.