Cibc World Market Inc. lifted its stake in Ovintiv Inc. (NYSE:OVV – Free Report) by 23.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 87,402 shares of the company’s stock after acquiring an additional 16,513 shares during the quarter. Cibc World Market Inc.’s holdings in Ovintiv were worth $3,425,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of OVV. Dimensional Fund Advisors LP boosted its holdings in Ovintiv by 25.8% in the third quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock valued at $379,165,000 after purchasing an additional 1,927,193 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Ovintiv by 12.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,888,500 shares of the company’s stock valued at $237,747,000 after purchasing an additional 649,819 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after purchasing an additional 3,589,030 shares during the last quarter. Holocene Advisors LP boosted its holdings in Ovintiv by 5.1% in the third quarter. Holocene Advisors LP now owns 2,619,615 shares of the company’s stock valued at $105,780,000 after purchasing an additional 126,245 shares during the last quarter. Finally, Merewether Investment Management LP boosted its holdings in Ovintiv by 17.2% in the second quarter. Merewether Investment Management LP now owns 2,146,196 shares of the company’s stock valued at $81,663,000 after purchasing an additional 315,331 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on the company. Truist Financial reduced their price target on Ovintiv from $72.00 to $70.00 and set a “buy” rating for the company in a report on Wednesday, May 13th. Barclays lifted their price objective on shares of Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Roth Mkm increased their target price on shares of Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Mizuho lifted their price target on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Finally, Wall Street Zen upgraded shares of Ovintiv from a “hold” rating to a “buy” rating in a research note on Saturday. One 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 stock. According to MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and an average target price of $63.00.
Ovintiv Stock Up 2.2%
OVV opened at $57.96 on Tuesday. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $63.46. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market cap of $16.29 billion, a P/E ratio of 18.70 and a beta of 0.53. The stock’s 50 day moving average price is $57.98 and its 200 day moving average price is $49.40.
Ovintiv (NYSE:OVV – Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.15. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%.The company had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. As a group, research analysts predict 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 given a dividend of $0.30 per share. The ex-dividend date is Monday, June 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.1%. Ovintiv’s dividend payout ratio (DPR) is 38.71%.
Insider Activity
In other news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction on Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the transaction, the executive vice president directly owned 54,092 shares in the company, valued at approximately $2,963,159.76. This trade represents a 17.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.85% of the company’s stock.
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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