128,462 Shares in Ovintiv Inc. $OVV Bought by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC purchased 128,462 shares of Ovintiv in the second quarter, valued at approximately $6.8 million. Institutional investors collectively own 83.81% of the company.
• Ovintiv reported quarterly EPS of $1.74, below the $1.94 analyst consensus, while revenue of $3.01 billion exceeded estimates of $2.37 billion. The company also declared a quarterly dividend of $0.30 per share, representing a 1.9% yield.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $66.89; shares opened at $64.59 and have traded between $35.47 and $67.44 over the past year.

Hsbc Holdings PLC purchased a new position in Ovintiv Inc. (NYSE:OVV - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 128,462 shares of the company's stock, valued at approximately $6,805,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Steph & Co. acquired a new position in shares of Ovintiv during the first quarter valued at about $29,000. Aberdeen Wealth Management LLC bought a new position in shares of Ovintiv during the 2nd quarter worth about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Ovintiv in the 2nd quarter valued at about $32,000. Root Financial Partners LLC grew its stake in shares of Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company's stock valued at $54,000 after buying an additional 277 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in Ovintiv in the 4th quarter valued at about $46,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Trading Down 0.9%

OVV opened at $64.59 on Friday. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $67.44. The firm has a market capitalization of $17.79 billion, a PE ratio of 18.25 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. The company's 50-day moving average is $59.32 and its 200 day moving average is $56.90.

Ovintiv (NYSE:OVV - Get Free Report) last released 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). The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. As a group, research analysts predict that Ovintiv Inc. will post 7.09 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 1.9%. Ovintiv's payout ratio is presently 33.90%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Truist Financial reaffirmed a "buy" rating and set a $73.00 price target (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. Citigroup raised their price objective on Ovintiv from $66.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Scotiabank upgraded Ovintiv from an "outperform" rating to a "buy" rating in a report on Wednesday, May 20th. Wells Fargo & Company lowered their target price on Ovintiv from $80.00 to $78.00 and set an "overweight" rating on the stock in a research report on Thursday, August 13th. Finally, National Bank Financial increased their target price on Ovintiv from $82.00 to $83.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $66.89.

Insider Activity

In related news, EVP Rachel Maureen Moore sold 7,753 shares of the company's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the sale, the executive vice president owned 72,530 shares in the company, valued at approximately $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 SEC, which can be accessed through this link. 0.85% of the stock is currently owned by 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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