Prudential PLC Has $3.09 Million Position in Ovintiv Inc. $OVV

Prudential PLC grew its position in Ovintiv Inc. (NYSE:OVV) by 125.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 78,896 shares of the company’s stock after purchasing an additional 43,945 shares during the period. Prudential PLC’s holdings in Ovintiv were worth $3,092,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Citigroup Inc. raised its holdings in Ovintiv by 42.1% in the third quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock worth $7,030,000 after purchasing an additional 51,562 shares during the period. BCS Private Wealth Management Inc. acquired a new stake in Ovintiv in the fourth quarter worth $976,000. Hillsdale Investment Management Inc. acquired a new stake in Ovintiv in the third quarter worth $1,816,000. Savant Capital LLC raised its holdings in Ovintiv by 412.9% in the third quarter. Savant Capital LLC now owns 36,771 shares of the company’s stock worth $1,485,000 after purchasing an additional 29,602 shares during the period. Finally, UBS Group AG raised its holdings in Ovintiv by 8.3% in the fourth quarter. UBS Group AG now owns 997,177 shares of the company’s stock worth $39,079,000 after purchasing an additional 76,846 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OVV has been the topic of several analyst reports. Barclays increased their target price on shares of Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Zacks Research upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Weiss Ratings lowered shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a report on Tuesday, May 12th. National Bank Financial increased their target price on shares of Ovintiv from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Finally, UBS Group dropped their price objective on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $63.00.

Insider Activity at Ovintiv

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the firm’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $54.78, for a total transaction of $634,461.96. Following the sale, the executive vice president directly owned 54,092 shares in the company, valued at $2,963,159.76. This trade represents a 17.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.85% of the stock is currently owned by insiders.

Ovintiv Trading Down 4.3%

Shares of NYSE:OVV opened at $56.74 on Friday. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $63.46. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. The company’s fifty day simple moving average is $58.05 and its 200 day simple moving average is $49.19. The firm has a market cap of $15.95 billion, a price-to-earnings ratio of 18.30 and a beta of 0.53.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Monday, May 11th. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. The business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. As a group, research analysts forecast that Ovintiv Inc. will post 8.15 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Monday, June 15th. Ovintiv’s dividend payout ratio (DPR) is presently 38.71%.

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.