Meeder Advisory Services Inc. Makes New $631,000 Investment in Ovintiv Inc. $OVV

Meeder Advisory Services Inc. bought a new stake in shares of Ovintiv Inc. (NYSE:OVV) in the second quarter, Holdings Channel reports. The fund bought 11,982 shares of the company’s stock, valued at approximately $631,000.

Several other large investors have also recently made changes to their positions in the business. Integrated Wealth Concepts LLC boosted its holdings in Ovintiv by 70.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after acquiring an additional 3,788 shares in the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of Ovintiv in the first quarter worth $202,000. Focus Partners Wealth increased its holdings in shares of Ovintiv by 49.3% during the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after acquiring an additional 6,364 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of Ovintiv by 47.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after purchasing an additional 589 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Ovintiv by 103.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock worth $126,000 after purchasing an additional 1,675 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OVV has been the topic of several recent analyst reports. UBS Group increased their price objective on shares of Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Zacks Research downgraded shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. National Bank Financial increased their price target on shares of Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Scotiabank raised shares of Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Finally, Roth Capital boosted their price objective on shares of Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.89.

Insider Activity

In other Ovintiv 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 of the company’s stock, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.85% of the company’s stock.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $66.69 on Friday. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $67.39. The stock’s 50-day simple moving average is $57.95 and its 200-day simple moving average is $56.12. 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 capitalization of $18.37 billion, a price-to-earnings ratio of 18.84 and a beta of 0.53.

Ovintiv (NYSE:OVV) last posted its earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. As a group, analysts expect that Ovintiv Inc. will post 6.83 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 given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.8%. Ovintiv’s payout ratio is 33.90%.

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.