217,834 Shares in Ovintiv Inc. $OVV Bought by Readystate Asset Management LP

Key Points

• Readystate Asset Management LP purchased 217,834 Ovintiv shares worth approximately $11.5 million, giving it a 0.08% stake. Institutional investors and hedge funds 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 expectations. Shares recently traded at $64.74, near their 12-month high of $67.51.
• The company declared a quarterly dividend of $0.30 per share, representing a 1.9% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $66.95.

Readystate Asset Management LP purchased a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 217,834 shares of the company's stock, valued at approximately $11,469,000. Readystate Asset Management LP owned about 0.08% of Ovintiv at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. HB Wealth Management LLC lifted its position in shares of Ovintiv by 4.7% in the 2nd quarter. HB Wealth Management LLC now owns 14,911 shares of the company's stock worth $785,000 after purchasing an additional 670 shares during the period. Markowski Investments bought a new position in Ovintiv during the second quarter worth $39,000. TD Waterhouse Canada Inc. boosted its position in Ovintiv by 204.9% during the second quarter. TD Waterhouse Canada Inc. now owns 74,799 shares of the company's stock valued at $3,898,000 after acquiring an additional 50,263 shares during the last quarter. Pacifica Partners Inc. grew its holdings in Ovintiv by 335.7% during the 2nd quarter. Pacifica Partners Inc. now owns 4,200 shares of the company's stock worth $223,000 after acquiring an additional 3,236 shares during the period. Finally, BTG Pactual Asset Management US LLC lifted its stake in shares of Ovintiv by 89.7% in the 2nd quarter. BTG Pactual Asset Management US LLC now owns 38,967 shares of the company's stock valued at $2,052,000 after purchasing an additional 18,427 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Insider Activity at Ovintiv

In related news, EVP Rachel 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 company insiders.

Ovintiv Price Performance

Shares of OVV opened at $64.74 on Monday. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $67.51. The business's fifty day moving average is $60.54 and its 200 day moving average is $57.65. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The stock has a market cap of $17.84 billion, a P/E ratio of 18.29 and a beta of 0.53.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts' consensus estimates 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%. Sell-side analysts anticipate that Ovintiv Inc. will post 7.3 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

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

Analysts Set New Price Targets

OVV has been the topic of several research analyst reports. Weiss Ratings upgraded Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, July 28th. Seaport Research Partners initiated coverage on Ovintiv in a report on Thursday. They set a "neutral" rating on the stock. Stephens reaffirmed a "positive" rating and set a $69.00 price objective on shares of Ovintiv in a research report on Friday, July 24th. Truist Financial reiterated a "buy" rating and set a $73.00 target price (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. Finally, Mizuho increased their target price on shares of Ovintiv from $69.00 to $75.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. One 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. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $66.95.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.