BTG Pactual Asset Management US LLC Raises Stock Position in Ovintiv Inc. $OVV

BTG Pactual Asset Management US LLC lifted its stake in Ovintiv Inc. (NYSE:OVV) by 89.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,967 shares of the company’s stock after buying an additional 18,427 shares during the period. BTG Pactual Asset Management US LLC’s holdings in Ovintiv were worth $2,052,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OVV. BlackRock Inc. purchased a new stake in Ovintiv in the second quarter valued at $1,422,959,000. AQR Capital Management LLC increased its position in shares of Ovintiv by 263.8% during the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after purchasing an additional 3,589,030 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after purchasing an additional 3,060,691 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Ovintiv in the 2nd quarter valued at about $124,308,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Ovintiv by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after purchasing an additional 1,669,469 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Scotiabank upgraded Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th. Citigroup increased their price objective on Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Zacks Research cut shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Truist Financial reissued a “buy” rating and set a $73.00 price objective (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. Finally, Texas Capital raised shares of Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. 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. According to MarketBeat, Ovintiv currently has a consensus rating of “Moderate Buy” and an average target price of $66.89.

Insider Transactions at Ovintiv

In related news, EVP Rachel Maureen Moore sold 7,753 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president owned 72,530 shares in the company, valued at $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.85% of the stock is owned by corporate insiders.

Ovintiv Price Performance

Shares of NYSE OVV opened at $64.59 on Monday. The stock has a fifty day moving average price of $59.32 and a 200 day moving average price of $56.97. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $67.44. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $17.79 billion, a PE ratio of 18.25 and a beta of 0.53.

Ovintiv (NYSE:OVV) last announced 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). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The firm had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Sell-side analysts forecast that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s payout ratio is 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.