17,835 Shares in Ovintiv Inc. $OVV Purchased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management purchased 17,835 shares of Ovintiv, valued at approximately $938,000. Institutional investors collectively own 83.81% of the company.
• Ovintiv reported quarterly revenue of $3.01 billion, exceeding estimates, but earnings of $1.74 per share fell short of the $1.94 consensus forecast.
• The company announced a quarterly dividend of $0.30 per share, representing a $1.20 annualized payout and a 1.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $66.89.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 17,835 shares of the company's stock, valued at approximately $938,000.

Several other hedge funds have also made changes to their positions in the company. Stifel Financial Corp lifted its holdings in Ovintiv by 1.4% in the fourth quarter. Stifel Financial Corp now owns 19,113 shares of the company's stock valued at $749,000 after acquiring an additional 269 shares during the last quarter. CX Institutional increased its stake in Ovintiv by 1.0% during the second quarter. CX Institutional now owns 28,363 shares of the company's stock worth $1,493,000 after acquiring an additional 276 shares during the last quarter. Root Financial Partners LLC raised its position in Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company's stock valued at $54,000 after purchasing an additional 277 shares during the period. Deseret Mutual Benefit Administrators raised its position in Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock valued at $52,000 after purchasing an additional 287 shares during the period. Finally, Sanctuary Advisors LLC lifted its stake in shares of Ovintiv by 2.6% in the 1st quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company's stock valued at $773,000 after purchasing an additional 324 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Performance

NYSE OVV opened at $64.59 on Monday. 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 Inc. has a 1 year low of $35.47 and a 1 year high of $67.44. The company has a market capitalization of $17.79 billion, a PE ratio of 18.25 and a beta of 0.53. The company has a fifty day moving average of $59.32 and a two-hundred day moving average of $56.97.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $2.37 billion. As a group, analysts expect that Ovintiv Inc. will post 7.09 earnings per share for the current year.

Ovintiv Announces Dividend

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 paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 1.9%. Ovintiv's dividend payout ratio is 33.90%.

Insider Activity

In related news, EVP Rachel Maureen Moore sold 7,753 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares of the company's stock, valued at $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.85% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on OVV. UBS Group boosted their target price on Ovintiv from $71.00 to $74.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Barclays raised their price target on shares of Ovintiv from $68.00 to $75.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th. Stephens restated a "positive" rating and issued a $69.00 price target on shares of Ovintiv in a research note on Friday, July 24th. Weiss Ratings raised Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, July 28th. Finally, Zacks Research cut Ovintiv from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 15th. One investment 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $66.89.

About Ovintiv

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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