Paradiem LLC Trims Stock Position in Ovintiv Inc. $OVV

Paradiem LLC cut its position in Ovintiv Inc. (NYSE:OVV) by 96.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,344 shares of the company’s stock after selling 126,810 shares during the quarter. Paradiem LLC’s holdings in Ovintiv were worth $317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the business. Steph & Co. bought a new stake in shares of Ovintiv during the 1st quarter valued at about $29,000. Root Financial Partners LLC boosted its stake in shares of Ovintiv by 43.2% in the 1st 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. Flagship Harbor Advisors LLC purchased a new position in Ovintiv in the 4th quarter worth $38,000. Los Angeles Capital Management LLC bought a new stake in Ovintiv in the fourth quarter worth $46,000. Finally, Deseret Mutual Benefit Administrators lifted its stake in Ovintiv by 27.6% in the fourth 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 last quarter. Institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OVV. Wall Street Zen cut Ovintiv from a “buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Morgan Stanley lowered their target price on Ovintiv from $68.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, June 29th. Citigroup restated a “neutral” rating and set a $62.00 target price (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Texas Capital upgraded Ovintiv to a “strong-buy” rating in a research report on Thursday, June 25th. Finally, TD Cowen lifted their price target on Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $64.37.

Ovintiv Stock Down 0.1%

Shares of NYSE:OVV opened at $55.47 on Monday. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $63.46. The company has a market cap of $15.59 billion, a PE ratio of 17.89 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The stock’s 50-day moving average is $56.54 and its 200 day moving average is $51.81.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.2%. Ovintiv’s payout ratio is 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.