Public Employees Retirement System of Ohio acquired a new stake in Ovintiv Inc. (NYSE:OVV – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 92,111 shares of the company’s stock, valued at approximately $4,850,000.
A number of other large investors have also modified their holdings of OVV. Steph & Co. purchased a new stake in shares of Ovintiv during the 1st quarter worth about $29,000. Aberdeen Wealth Management LLC purchased a new position in shares of Ovintiv in the 2nd quarter valued at about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Ovintiv in the 2nd quarter valued at about $32,000. Root Financial Partners LLC raised its holdings in Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after purchasing an additional 277 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in Ovintiv in the 4th quarter worth about $46,000. Institutional investors and hedge funds own 83.81% of the company’s stock.
Analysts Set New Price Targets
Several analysts have commented on the company. Texas Capital raised Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. Wells Fargo & Company upped their target price on Ovintiv from $78.00 to $79.00 and gave the stock an “overweight” rating in a research note on Wednesday. Royal Bank Of Canada boosted their price target on shares of Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Morgan Stanley set a $67.00 price target on shares of Ovintiv in a report on Wednesday, August 19th. Finally, Weiss Ratings raised shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.95.
Ovintiv Price Performance
Shares of Ovintiv stock opened at $66.87 on Thursday. The business has a 50 day simple moving average of $60.05 and a two-hundred day simple moving average of $57.39. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $67.51. The stock has a market capitalization of $18.42 billion, a P/E ratio of 18.89 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01.
Ovintiv (NYSE:OVV – Get Free Report) last issued its quarterly earnings results 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). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. As a group, analysts predict that Ovintiv Inc. will post 7.09 EPS for the current fiscal year.
Ovintiv Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.8%. Ovintiv’s dividend payout ratio is presently 33.90%.
Insider Activity at Ovintiv
In other news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.85% of the stock is owned by company insiders.
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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