BNP Paribas Financial Markets Acquires 338,866 Shares of Ovintiv Inc. $OVV

Key Points

• BNP Paribas Financial Markets increased its shareholding in Ovintiv Inc. by 54.3% in Q1, owning approximately $41.21 million worth of shares after purchasing an additional 338,866 shares.
• Ovintiv also declared a quarterly dividend of $0.30 per share, yielding 2.8%, which will be distributed to shareholders of record on September 15th.
• The company's recent earnings report revealed a net margin of 6.46% with reported revenue of $1.79 billion, missing analyst estimates of $1.92 billion.

BNP Paribas Financial Markets increased its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 54.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 962,871 shares of the company's stock after purchasing an additional 338,866 shares during the period. BNP Paribas Financial Markets owned approximately 0.37% of Ovintiv worth $41,211,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in Ovintiv by 383.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock valued at $396,267,000 after acquiring an additional 7,344,796 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Ovintiv during the first quarter worth about $56,865,000. Nuveen LLC acquired a new position in shares of Ovintiv during the first quarter worth about $46,603,000. Vanguard Group Inc. raised its holdings in Ovintiv by 3.3% during the first quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company's stock worth $1,302,113,000 after acquiring an additional 959,711 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in Ovintiv by 151.5% during the fourth quarter. Royal Bank of Canada now owns 1,310,993 shares of the company's stock worth $53,095,000 after acquiring an additional 789,640 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Mizuho cut their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. UBS Group raised their target price on shares of Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Wells Fargo & Company reduced their price objective on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, June 16th. Citigroup set a $54.00 price target on Ovintiv and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Finally, The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $47.00 to $51.00 in a research note on Tuesday, July 1st. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Ovintiv has a consensus rating of "Buy" and a consensus price target of $53.07.

Ovintiv Stock Performance

Shares of OVV traded down $1.51 on Friday, reaching $41.09. 2,746,003 shares of the company's stock traded hands, compared to its average volume of 3,508,515. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The stock has a market cap of $10.56 billion, a PE ratio of 18.20, a PEG ratio of 5.25 and a beta of 1.08. The stock's 50 day simple moving average is $40.35 and its two-hundred day simple moving average is $38.92. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). The firm had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. On average, analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's payout ratio is 53.10%.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.