Oak Thistle LLC Invests $1.12 Million in Ovintiv Inc. (NYSE:OVV)

Oak Thistle LLC acquired a new position in Ovintiv Inc. (NYSE:OVV) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 21,645 shares of the company’s stock, valued at approximately $1,123,000. Ovintiv accounts for 1.0% of Oak Thistle LLC’s holdings, making the stock its 2nd largest position.

Several other large investors have also recently modified their holdings of OVV. LPL Financial LLC increased its holdings in shares of Ovintiv by 0.3% in the third quarter. LPL Financial LLC now owns 89,668 shares of the company’s stock worth $4,265,000 after buying an additional 261 shares during the period. Natixis Advisors L.P. increased its holdings in shares of Ovintiv by 32.1% in the third quarter. Natixis Advisors L.P. now owns 32,048 shares of the company’s stock worth $1,525,000 after buying an additional 7,794 shares during the period. Treasurer of the State of North Carolina increased its holdings in shares of Ovintiv by 6.1% in the third quarter. Treasurer of the State of North Carolina now owns 118,082 shares of the company’s stock worth $5,617,000 after buying an additional 6,743 shares during the period. United Services Automobile Association increased its holdings in shares of Ovintiv by 30.6% in the third quarter. United Services Automobile Association now owns 16,545 shares of the company’s stock worth $787,000 after buying an additional 3,880 shares during the period. Finally, Lazard Asset Management LLC increased its holdings in shares of Ovintiv by 59.7% in the third quarter. Lazard Asset Management LLC now owns 48,901 shares of the company’s stock worth $2,326,000 after buying an additional 18,289 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

OVV has been the topic of several recent analyst reports. Morgan Stanley raised their target price on Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Mizuho raised their target price on Ovintiv from $58.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. TD Cowen raised their target price on Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Evercore ISI raised Ovintiv from an “in-line” rating to an “outperform” rating and set a $60.00 target price on the stock in a research note on Friday, June 14th. Finally, UBS Group raised their target price on Ovintiv from $69.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $58.65.

Ovintiv Stock Up 0.1 %

Shares of OVV traded up $0.07 during mid-day trading on Monday, reaching $46.94. The company had a trading volume of 2,580,530 shares, compared to its average volume of 3,116,352. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a 50-day moving average price of $49.24 and a 200 day moving average price of $47.56. Ovintiv Inc. has a 52 week low of $36.27 and a 52 week high of $55.95. The company has a market capitalization of $12.53 billion, a price-to-earnings ratio of 6.60 and a beta of 2.58.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion. On average, sell-side analysts forecast that Ovintiv Inc. will post 6.11 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.30 dividend. The ex-dividend date was Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.56%. Ovintiv’s payout ratio is currently 16.76%.

Insider Buying and Selling

In related news, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the transaction, the director now directly owns 45,279 shares in the company, valued at approximately $2,315,568.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the sale, the director now directly owns 8,929 shares in the company, valued at approximately $446,450. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $51.14, for a total transaction of $204,560.00. Following the sale, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.