Bank of New York Mellon Corp Acquires Shares of 2,361,034 Ovintiv Inc. $OVV

Bank of New York Mellon Corp purchased a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 2,361,034 shares of the company's stock, valued at approximately $124,308,000. Bank of New York Mellon Corp owned approximately 0.86% of Ovintiv as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. State of Wyoming acquired a new stake in shares of Ovintiv during the 2nd quarter valued at $540,000. One Wealth Advisors LLC acquired a new position in Ovintiv in the 2nd quarter worth about $290,000. Bridgewater Advisors Inc. bought a new position in Ovintiv in the second quarter valued at about $204,000. Oppenheimer Asset Management Inc. bought a new position in Ovintiv in the second quarter valued at about $857,000. Finally, Dockside LLC acquired a new position in Ovintiv in the 2nd quarter valued at approximately $3,398,000. Institutional investors own 83.81% of the company's stock.

Insider Transactions at Ovintiv

In related news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares of the company's stock, 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 through the SEC website. Company insiders own 0.85% of the company's stock.

Ovintiv Trading Up 0.1%

Shares of Ovintiv stock opened at $66.87 on Monday. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $67.44. The stock has a market capitalization of $18.42 billion, a P/E ratio of 18.89 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The stock's 50-day simple moving average is $58.14 and its 200 day simple moving average is $56.30.

Ovintiv (NYSE:OVV - Get Free Report) last issued its earnings results 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). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The business had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. As a group, research analysts anticipate that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued 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 dividend yield of 1.8%. Ovintiv's payout ratio is presently 33.90%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OVV. Stephens restated a "positive" rating and set a $69.00 price objective on shares of Ovintiv in a research report on Friday, July 24th. Scotiabank upgraded shares of Ovintiv from an "outperform" rating to a "buy" rating in a research note on Wednesday, May 20th. Roth Capital boosted their target price on shares of Ovintiv from $50.00 to $55.00 and gave the company a "neutral" rating in a research report on Wednesday, June 24th. Weiss Ratings upgraded shares of Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a research note on Tuesday, July 28th. Finally, Barclays raised their price objective on shares of Ovintiv from $68.00 to $75.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. One 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average 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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