Apollo Management Holdings L.P. Takes $9.21 Million Position in Ovintiv Inc. $OVV

Key Points

• Apollo Management Holdings acquired 175,000 Ovintiv shares worth approximately $9.21 million, giving it a 0.06% stake. Institutional investors collectively own 83.81% of the company, with BlackRock also establishing a significant new position.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $66.89. Recent targets range as high as $75, although one firm downgraded the stock to “Hold.”
• Ovintiv reported quarterly revenue of $3.01 billion but missed earnings expectations with EPS of $1.74 versus the $1.94 consensus. The company declared a $0.30 quarterly dividend, equivalent to a 1.9% annualized yield.

Apollo Management Holdings L.P. purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 175,000 shares of the company's stock, valued at approximately $9,214,000. Apollo Management Holdings L.P. owned approximately 0.06% of Ovintiv as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Ovintiv in the 2nd quarter worth about $1,422,959,000. Dimensional Fund Advisors LP grew its holdings in Ovintiv by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company's stock worth $433,418,000 after purchasing an additional 1,669,469 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Ovintiv by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company's stock valued at $387,601,000 after purchasing an additional 203,256 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Ovintiv by 16.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company's stock valued at $467,874,000 after purchasing an additional 1,137,162 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Ovintiv by 116.3% during the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company's stock valued at $223,101,000 after purchasing an additional 3,060,691 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on OVV shares. Truist Financial reissued 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. Barclays lifted their price objective on Ovintiv from $68.00 to $75.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. Stephens reissued a "positive" rating and issued a $69.00 target price on shares of Ovintiv in a report on Friday, July 24th. Zacks Research cut Ovintiv from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 15th. Finally, Roth Capital raised their price target on Ovintiv from $50.00 to $55.00 and gave the company a "neutral" rating in a report on Wednesday, June 24th. 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 stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.89.

Insiders Place Their Bets

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the firm'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 sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.85% of the company's stock.

Ovintiv Stock Performance

Shares of OVV opened at $64.59 on Monday. The business's fifty day simple moving average is $59.32 and its two-hundred day simple moving average is $56.97. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $67.44. The company has a market cap of $17.79 billion, a price-to-earnings ratio of 18.25 and a beta of 0.53.

Ovintiv (NYSE:OVV - Get Free Report) last posted its 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 during the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. Research analysts anticipate that Ovintiv Inc. will post 7.09 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders 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 yield of 1.9%. Ovintiv's payout ratio is 33.90%.

Ovintiv 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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