Ovintiv Inc. $OVV Shares Sold by Systematic Financial Management LP

Systematic Financial Management LP reduced its position in Ovintiv Inc. (NYSE:OVV) by 2.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 720,681 shares of the company’s stock after selling 17,649 shares during the period. Ovintiv comprises 1.0% of Systematic Financial Management LP’s investment portfolio, making the stock its 25th biggest position. Systematic Financial Management LP’s holdings in Ovintiv were worth $42,780,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of OVV. Dimensional Fund Advisors LP boosted its position in Ovintiv by 17.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after purchasing an additional 1,669,469 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Ovintiv by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock valued at $387,601,000 after buying an additional 203,256 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Ovintiv by 14.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock valued at $264,281,000 after buying an additional 855,043 shares in the last quarter. Millennium Management LLC raised its stake in shares of Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after buying an additional 3,060,691 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in shares of Ovintiv by 13.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock worth $214,060,000 after buying an additional 650,000 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on OVV shares. Wall Street Zen lowered shares of Ovintiv from a “buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Stephens dropped their target price on shares of Ovintiv from $71.00 to $68.00 and set an “equal weight” rating for the company in a report on Friday, July 17th. National Bank Financial lifted their target price on shares of Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Truist Financial reduced their price target on shares of Ovintiv from $70.00 to $66.00 and set a “buy” rating on the stock in a report on Monday, July 13th. Finally, Wells Fargo & Company upgraded shares of Ovintiv from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $57.00 to $80.00 in a research report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.63.

Ovintiv Stock Performance

NYSE OVV opened at $61.41 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $63.46. The business has a fifty day moving average of $56.31 and a 200-day moving average of $53.03. The stock has a market cap of $17.26 billion, a price-to-earnings ratio of 19.81 and a beta of 0.53.

Ovintiv (NYSE:OVV) last posted 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 company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. As a group, analysts predict that Ovintiv Inc. will post 7.08 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio is 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.