180,073 Shares in Ovintiv Inc. $OVV Purchased by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP acquired 180,073 Ovintiv shares worth approximately $9.5 million, while institutional investors and hedge funds collectively own 83.81% of the company.
• Ovintiv reported quarterly earnings of $1.74 per share, below the $1.94 consensus estimate, but revenue of $3.01 billion exceeded expectations of $2.37 billion.
• The company declared a quarterly dividend of $0.30 per share, equivalent to $1.20 annually and a 1.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $66.89.

Corient Private Wealth LP purchased a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 180,073 shares of the company's stock, valued at approximately $9,481,000. Corient Private Wealth LP owned approximately 0.07% of Ovintiv at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Bank of America Corp DE acquired a new stake in Ovintiv in the second quarter worth approximately $79,475,000. Freestone Grove Partners LP bought a new position in Ovintiv during the 2nd quarter valued at $15,724,000. Man Group plc acquired a new position in shares of Ovintiv during the 2nd quarter valued at $936,000. Polar Asset Management Partners Inc. acquired a new position in shares of Ovintiv during the 2nd quarter valued at $2,366,000. Finally, Jupiter Topco LLC bought a new stake in shares of Ovintiv in the 2nd quarter worth $6,702,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Performance

Shares of 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 one year low of $35.47 and a one year high of $67.44. The business's 50-day moving average price is $59.32 and its two-hundred day moving average price is $56.97. The company has a market capitalization of $17.79 billion, a P/E ratio of 18.25 and a beta of 0.53.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). The business had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. Analysts anticipate that Ovintiv Inc. will post 7.09 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.30 dividend. 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 1.9%. Ovintiv's dividend payout ratio (DPR) is currently 33.90%.

Wall Street Analyst Weigh In

A number of analysts recently commented on OVV shares. Wells Fargo & Company dropped their target price on shares of Ovintiv from $80.00 to $78.00 and set an "overweight" rating on the stock in a report on Thursday, August 13th. Truist Financial restated a "buy" rating and issued a $73.00 price target (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. Citigroup upped their price target on Ovintiv from $66.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Morgan Stanley set a $67.00 price objective on Ovintiv in a research report on Wednesday, August 19th. Finally, Barclays raised their price objective on Ovintiv from $68.00 to $75.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Ovintiv currently has a consensus rating of "Moderate Buy" and an average target price of $66.89.

Insider Buying and Selling

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.85% of the stock is owned by company insiders.

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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