Ovintiv Inc. $OVV Stock Position Raised by Sei Investments Co.

Sei Investments Co. increased its position in Ovintiv Inc. (NYSE:OVV) by 46.2% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 412,758 shares of the company’s stock after purchasing an additional 130,405 shares during the period. Sei Investments Co. owned about 0.15% of Ovintiv worth $24,501,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OVV. Integrated Wealth Concepts LLC boosted its position in shares of 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 buying an additional 3,788 shares during the period. Great Lakes Advisors LLC purchased a new position in shares of Ovintiv during the first quarter valued at $202,000. Focus Partners Wealth grew 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 buying an additional 6,364 shares in the last quarter. Geneos Wealth Management Inc. raised its position in Ovintiv by 47.5% during the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after buying an additional 589 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in Ovintiv by 103.2% during the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock valued at $126,000 after buying an additional 1,675 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OVV. Morgan Stanley reduced their price objective 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. National Bank Financial upped their target price on Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Wells Fargo & Company raised shares of Ovintiv from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $57.00 to $80.00 in a research report on Monday, June 22nd. Zacks Research cut shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Finally, UBS Group raised their price target on shares of Ovintiv from $71.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and an average target price of $66.79.

Ovintiv Price Performance

OVV opened at $59.25 on Wednesday. The stock has a fifty day moving average price of $56.34 and a 200 day moving average price of $53.52. 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 1 year low of $35.47 and a 1 year high of $64.61. The stock has a market cap of $16.32 billion, a price-to-earnings ratio of 16.74 and a beta of 0.53.

Ovintiv (NYSE:OVV) last issued its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $2.37 billion. Analysts forecast that Ovintiv Inc. will post 7.1 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. Ovintiv’s payout ratio is presently 33.90%.

About Ovintiv

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.