Bank of America Corp DE Invests $79.47 Million in Ovintiv Inc. $OVV

Key Points

• Bank of America acquired a new $79.5 million stake in Ovintiv during the second quarter, purchasing 1.51 million shares and gaining approximately 0.55% ownership. Institutional investors collectively own 83.81% of the company.
• Analysts remain broadly bullish on Ovintiv, with 19 Buy, one Strong Buy, and three Hold ratings. The stock has an average “Moderate Buy” rating and an average price target of $68.75.
• Ovintiv reported quarterly EPS of $1.74, below the $1.94 consensus estimate, while revenue of $3.01 billion exceeded expectations. The company also declared a quarterly dividend of $0.30 per share, representing a 1.9% annualized yield.

Bank of America Corp DE purchased a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,509,488 shares of the company's stock, valued at approximately $79,475,000. Bank of America Corp DE owned approximately 0.55% of Ovintiv as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Freestone Grove Partners LP bought a new position in Ovintiv in the second quarter valued at $15,724,000. Man Group plc bought a new position in shares of Ovintiv during the second quarter worth approximately $936,000. Polar Asset Management Partners Inc. acquired a new position in Ovintiv in the 2nd quarter valued at $2,366,000. Jupiter Topco LLC acquired a new position in Ovintiv in the 2nd quarter valued at $6,702,000. Finally, J. Goldman & Co LP bought a new position in Ovintiv during the 2nd quarter worth $495,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Insider Transactions at Ovintiv

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the firm's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president directly owned 72,530 shares in the company, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.85% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

OVV has been the topic of a number of recent research reports. UBS Group reaffirmed a "buy" rating and set a $85.00 price target on shares of Ovintiv in a research report on Monday, September 14th. National Bank Financial raised their target price on shares of Ovintiv from $82.00 to $83.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. Mizuho lifted their price target on shares of Ovintiv from $69.00 to $75.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Royal Bank Of Canada increased their price objective on shares of Ovintiv from $70.00 to $85.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Finally, Texas Capital raised Ovintiv to a "strong-buy" rating in a report on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Ovintiv currently has an average rating of "Moderate Buy" and an average target price of $68.75.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $62.41 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average price of $62.59 and a two-hundred day moving average price of $58.61. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $67.51. The company has a market cap of $17.20 billion, a P/E ratio of 17.63 and a beta of 0.53.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share (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 analyst estimates of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. As a group, analysts anticipate that Ovintiv Inc. will post 7.3 EPS for the current year.

Ovintiv Dividend Announcement

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

Ovintiv Profile

Ovintiv Inc is an independent North American energy company engaged primarily in the exploration, development, production and acquisition of oil, condensate, natural gas liquids and natural gas. Its portfolio is focused on unconventional, or shale, resource plays, with operations designed to produce a mix of higher-value liquids and natural gas.

The company's principal assets are located in the United States and Canada. Its U.S. operations include positions in the Permian Basin of west Texas and New Mexico, the Uinta Basin of Utah and the Anadarko Basin of Oklahoma, while its Canadian operations include properties in Alberta's Montney and Duvernay formations.

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