Pacific Heights Asset Management LLC purchased a new position in shares of Ovintiv Inc. (NYSE:OVV – Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 650,000 shares of the company’s stock, valued at approximately $34,222,000. Ovintiv accounts for approximately 1.1% of Pacific Heights Asset Management LLC’s investment portfolio, making the stock its 25th largest holding. Pacific Heights Asset Management LLC owned approximately 0.24% of Ovintiv at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Ovintiv during the second quarter valued at approximately $1,422,959,000. AQR Capital Management LLC grew its position in Ovintiv by 263.8% in the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after acquiring an additional 3,589,030 shares during the last quarter. Millennium Management LLC increased its stake in Ovintiv by 116.3% in the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares during the period. Bank of New York Mellon Corp purchased a new stake in Ovintiv in the second quarter worth $124,308,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Ovintiv by 17.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after purchasing an additional 1,669,469 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv 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 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 SEC, which can be accessed through this hyperlink. Corporate insiders own 0.85% of the company’s stock.
Analyst Ratings Changes
View Our Latest Analysis on OVV
Ovintiv Trading Up 1.2%
NYSE:OVV opened at $65.27 on Friday. The firm has a 50-day simple moving average of $59.07 and a 200-day simple moving average of $56.85. Ovintiv Inc. has a one year low of $35.47 and a one year high of $67.44. The firm has a market cap of $17.98 billion, a P/E ratio of 18.44 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01.
Ovintiv (NYSE:OVV – Get Free Report) 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 business had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. Equities analysts anticipate that Ovintiv Inc. will post 7.09 EPS for the current fiscal year.
Ovintiv Announces Dividend
The business 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. This represents a $1.20 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s dividend payout ratio (DPR) 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.
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