Encore Global Management LP Buys New Stake in Ovintiv Inc. $OVV

Encore Global Management LP purchased a new stake in Ovintiv Inc. (NYSE:OVV) during the second quarter, according to its most recent filing with the SEC. The fund purchased 14,000 shares of the company’s stock, valued at approximately $737,000.

Several other hedge funds have also bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Ovintiv during the second quarter valued at about $1,422,959,000. Dimensional Fund Advisors LP lifted its position in shares of Ovintiv by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after buying an additional 1,669,469 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Ovintiv by 2.1% during 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 during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Ovintiv by 16.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock valued at $467,874,000 after buying an additional 1,137,162 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after buying an additional 3,060,691 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the sale, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.85% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on OVV. Roth Capital lifted their price objective on Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. Royal Bank Of Canada increased their target price on Ovintiv from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Weiss Ratings raised shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Citigroup raised their target price on shares of Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Finally, Zacks Research downgraded shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. One investment 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 stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $66.89.

Ovintiv Trading Up 0.3%

OVV opened at $66.87 on Friday. The stock has a 50-day moving average of $58.14 and a 200 day moving average of $56.20. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $67.44. The firm has a market cap of $18.42 billion, a P/E ratio of 18.89 and a beta of 0.53.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share (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 analysts’ expectations of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. As a group, research analysts forecast that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.30 per share. 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 payout ratio is currently 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.