NFJ Investment Group LLC Acquires New Stake in Ovintiv Inc. $OVV

NFJ Investment Group LLC bought a new position in shares of Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 62,011 shares of the company’s stock, valued at approximately $3,265,000.

Several other large investors have also bought and sold shares of OVV. Ceredex Value Advisors LLC bought a new stake in shares of Ovintiv in the 2nd quarter valued at about $21,102,000. Vise Technologies Inc. bought a new position in shares of Ovintiv during the second quarter worth about $1,246,000. Denali Advisors LLC bought a new position in shares of Ovintiv during the second quarter worth about $362,000. Foster & Motley Inc. acquired a new position in shares of Ovintiv in the second quarter worth approximately $1,930,000. Finally, Equity Investment Corp bought a new stake in Ovintiv in the second quarter valued at approximately $201,000. 83.81% of the stock is owned by institutional investors.

Insider Buying and Selling at Ovintiv

In related 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 value of $490,919.96. Following the transaction, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. This trade represents a 9.66% decrease in their position. 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 insiders.

Analyst Ratings Changes

A number of analysts have weighed in on OVV shares. Roth Capital increased their target price on shares of Ovintiv from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday, June 24th. Weiss Ratings upgraded shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Stephens reiterated a “positive” rating and set a $69.00 price objective on shares of Ovintiv in a research report on Friday, July 24th. Mizuho lifted their target price on shares of Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Morgan Stanley set a $67.00 target price on shares of Ovintiv in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.89.

Ovintiv Stock Up 1.7%

Shares of NYSE OVV opened at $66.69 on Friday. 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 firm has a market cap of $18.37 billion, a PE ratio of 18.84 and a beta of 0.53. The company’s fifty day simple moving average is $57.95 and its 200 day simple moving average is $56.12. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $67.39.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. As a group, sell-side analysts forecast 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. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s dividend payout ratio is presently 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.