Louisiana State Employees Retirement System purchased a new stake in Ovintiv Inc. (NYSE:OVV – Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 80,500 shares of the company’s stock, valued at approximately $4,778,000.
Other institutional investors also recently made changes to their positions in the company. Steph & Co. purchased a new position in shares of Ovintiv in the 1st quarter worth $29,000. Foster Dykema Cabot & Partners LLC purchased a new stake in Ovintiv during the third quarter valued at about $36,000. Flagship Harbor Advisors LLC acquired a new stake in Ovintiv during the fourth quarter worth about $38,000. Los Angeles Capital Management LLC acquired a new stake in Ovintiv during the fourth quarter worth about $46,000. Finally, Deseret Mutual Benefit Administrators raised its holdings in shares of Ovintiv by 27.6% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after purchasing an additional 287 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on OVV. Bank of America boosted their target price on Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Citigroup restated a “neutral” rating and issued a $62.00 price target (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Roth Mkm boosted their price objective on shares of Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday. National Bank Financial increased their price objective on shares of Ovintiv from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Finally, UBS Group cut their target price 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. Fifteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $64.47.
Ovintiv Price Performance
OVV stock opened at $53.08 on Friday. The firm has a market cap of $14.92 billion, a P/E ratio of 17.12 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $63.46. The stock has a 50-day simple moving average of $56.99 and a 200-day simple moving average of $50.71.
Ovintiv (NYSE:OVV – Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported $2.00 EPS for the quarter, topping the consensus estimate of $1.85 by $0.15. The firm had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. On average, equities analysts predict that Ovintiv Inc. will post 8.07 earnings per share for the current fiscal year.
Ovintiv Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.3%. Ovintiv’s dividend payout ratio (DPR) is currently 38.71%.
Ovintiv 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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