BlackRock Inc. Takes $1.42 Billion Position in Ovintiv Inc. $OVV

Key Points

• BlackRock acquired 27.0 million Ovintiv shares worth approximately $1.42 billion, giving it a 9.81% stake. Institutional investors collectively own 83.81% of the company.
• Ovintiv reported quarterly earnings of $1.74 per share, below the $1.94 analyst consensus, while revenue of $3.01 billion exceeded expectations. The company also declared a quarterly dividend of $0.30 per share, representing a 1.8% yield.
• Analysts maintain a generally positive view, with Ovintiv receiving a “Moderate Buy” consensus rating and an average price target of $66.89; recent targets range as high as $75.

BlackRock Inc. purchased a new position in Ovintiv Inc. (NYSE:OVV - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 27,026,767 shares of the company's stock, valued at approximately $1,422,959,000. BlackRock Inc. owned 9.81% of Ovintiv as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in OVV. Pallas Capital Advisors LLC bought a new position in Ovintiv in the 2nd quarter worth $279,000. Deutsche Bank AG bought a new stake in Ovintiv during the second quarter valued at about $50,852,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Ovintiv during the second quarter valued at about $32,000. OneDigital Investment Advisors LLC purchased a new stake in Ovintiv in the second quarter worth about $214,000. Finally, Global Retirement Partners LLC purchased a new stake in Ovintiv in the second quarter worth about $137,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Price Performance

OVV stock opened at $66.69 on Friday. The stock has a market cap of $18.37 billion, a PE ratio of 18.84 and a beta of 0.53. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $67.39. The company has a 50-day moving average price of $57.95 and a 200 day moving average price of $56.12. 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 (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). The firm had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. Equities research analysts anticipate that Ovintiv Inc. will post 6.83 earnings per share for the current 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 given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv's payout ratio is 33.90%.

Insider Buying and Selling

In related news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.85% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Zacks Research cut Ovintiv from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 15th. Morgan Stanley set a $67.00 target price on shares of Ovintiv in a report on Wednesday. UBS Group raised their target price on shares of Ovintiv from $71.00 to $74.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Weiss Ratings raised shares of Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a report on Tuesday, July 28th. Finally, Mizuho upped their price target on shares of Ovintiv from $69.00 to $75.00 and gave the stock an "outperform" rating in a research report 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 assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Ovintiv presently has an average rating of "Moderate Buy" and an average price target of $66.89.

About Ovintiv

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.

Want to see what other hedge funds are holding OVV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ovintiv Inc. (NYSE:OVV - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source