Bank of America Corp DE Has $73.20 Million Holdings in Ovintiv Inc. $OVV

Key Points

• Bank of America increased its Ovintiv stake by 52.4% in the first quarter, acquiring 424,125 additional shares for a total holding valued at approximately $73.2 million. Institutional investors collectively own 83.81% of the company.
• Ovintiv reported quarterly revenue of $3.01 billion, exceeding expectations, but earnings of $1.74 per share fell short of the $1.94 consensus estimate. Analysts forecast full-year EPS of $6.87.
• The company declared a quarterly dividend of $0.30 per share, equivalent to a 2.0% yield, while Wall Street maintained a generally positive outlook with a consensus “Moderate Buy” rating and a $66.89 price target.

Bank of America Corp DE raised its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 52.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,233,202 shares of the company's stock after purchasing an additional 424,125 shares during the period. Bank of America Corp DE owned approximately 0.44% of Ovintiv worth $73,203,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Stifel Financial Corp lifted its stake in shares of Ovintiv by 1.4% during the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company's stock valued at $749,000 after buying an additional 269 shares in the last quarter. Root Financial Partners LLC lifted 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 worth $54,000 after purchasing an additional 277 shares during the period. Deseret Mutual Benefit Administrators boosted its holdings in shares of Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock worth $52,000 after buying an additional 287 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in shares of Ovintiv by 2.6% in the first quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company's stock worth $773,000 after buying an additional 324 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its position in Ovintiv by 9.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company's stock valued at $163,000 after buying an additional 362 shares during the period. 83.81% of the stock is owned by institutional investors.

Ovintiv Price Performance

Ovintiv stock opened at $59.37 on Monday. The company has a market cap of $16.36 billion, a price-to-earnings ratio of 16.77 and a beta of 0.53. The firm's fifty day moving average is $56.84 and its 200 day moving average is $54.71. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $64.61.

Ovintiv (NYSE:OVV - Get Free Report) last announced its earnings results 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). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The firm had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $2.37 billion. Sell-side analysts forecast that Ovintiv Inc. will post 6.87 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv's dividend payout ratio (DPR) is presently 33.90%.

Wall Street Analysts Forecast Growth

OVV has been the topic of a number of recent research reports. Weiss Ratings raised Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a report on Tuesday, July 28th. UBS Group boosted their price target on Ovintiv from $71.00 to $74.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Truist Financial reaffirmed a "buy" rating and issued a $73.00 price objective (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. Texas Capital raised Ovintiv to a "strong-buy" rating in a research report on Thursday, June 25th. Finally, Mizuho boosted their price objective on Ovintiv from $69.00 to $75.00 and gave the company 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 given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.89.

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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