Geode Capital Management LLC Has $185.80 Million Stock Position in Ovintiv Inc. $OVV

by · The Markets Daily

Geode Capital Management LLC lowered its stake in Ovintiv Inc. (NYSE:OVV – Free Report) by 0.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 4,739,618 shares of the company’s stock after selling 12,672 shares during the period. Geode Capital Management LLC’s holdings in Ovintiv were worth $185,800,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Systematic Financial Management LP grew its stake in Ovintiv by 9.0% in the 4th quarter. Systematic Financial Management LP now owns 738,330 shares of the company’s stock valued at $28,935,000 after buying an additional 61,273 shares during the last quarter. MQS Management LLC acquired a new position in Ovintiv in the 4th quarter valued at about $369,000. Global Retirement Partners LLC grew its stake in Ovintiv by 96.3% in the 4th quarter. Global Retirement Partners LLC now owns 1,663 shares of the company’s stock valued at $65,000 after buying an additional 816 shares during the last quarter. Leonteq Securities AG acquired a new position in Ovintiv in the 4th quarter valued at about $157,000. Finally, IFP Advisors Inc grew its stake in Ovintiv by 106.5% in the 4th quarter. IFP Advisors Inc now owns 2,765 shares of the company’s stock valued at $108,000 after buying an additional 1,426 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Insider Buying and Selling at Ovintiv

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $54.78, for a total transaction of $634,461.96. Following the completion of the sale, the executive vice president owned 54,092 shares of the company’s stock, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.85% of the company’s stock.

Ovintiv Stock Performance

NYSE OVV opened at $59.34 on Thursday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $16.68 billion, a P/E ratio of 19.14 and a beta of 0.53. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $63.46. The firm has a 50-day moving average price of $58.11 and a two-hundred day moving average price of $49.00.

Ovintiv (NYSE:OVV – Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.15. The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. Analysts anticipate that Ovintiv Inc. will post 8.15 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, June 15th. Ovintiv’s dividend payout ratio is 38.71%.

Analyst Upgrades and Downgrades

OVV has been the topic of a number of research reports. UBS Group decreased their price target on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a research note on Thursday, April 9th. Bank of America boosted their price objective on shares of Ovintiv from $63.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. TD Cowen boosted their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. Morgan Stanley began coverage on shares of Ovintiv in a report on Friday, March 27th. They issued an “equal weight” rating and a $68.00 price objective for the company. Finally, Wells Fargo & Company boosted their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and a consensus price target of $63.00.

Read Our Latest Stock Report on Ovintiv

About Ovintiv

(Free Report)

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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