BTG Pactual Asset Management US LLC Increases Stake in Ovintiv Inc. $OVV

Key Points

• BTG Pactual Asset Management US LLC increased its Ovintiv stake by 89.7% in the second quarter, bringing its holdings to 38,967 shares valued at approximately $2.05 million. Institutional investors collectively own 83.81% of the company.
• Analysts maintain a generally positive view of Ovintiv, with a consensus rating of “Moderate Buy” and an average price target of $66.89; targets in recent reports ranged from $55 to $75.
• Ovintiv reported quarterly revenue of $3.01 billion but missed earnings expectations, posting $1.74 per share versus the $1.94 consensus estimate. The company also declared a quarterly dividend of $0.30 per share, equivalent to a 1.9% annualized yield.

BTG Pactual Asset Management US LLC grew its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 89.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,967 shares of the company's stock after purchasing an additional 18,427 shares during the quarter. BTG Pactual Asset Management US LLC's holdings in Ovintiv were worth $2,052,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Ovintiv in the second quarter worth about $1,422,959,000. AQR Capital Management LLC lifted its stake in Ovintiv by 263.8% in the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company's stock worth $199,866,000 after purchasing an additional 3,589,030 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company's stock worth $223,101,000 after purchasing an additional 3,060,691 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Ovintiv during the 2nd quarter worth approximately $124,308,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Ovintiv by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company's stock valued at $433,418,000 after purchasing an additional 1,669,469 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analyst Ratings Changes

OVV has been the topic of a number of analyst reports. Roth Capital lifted their price objective on Ovintiv from $50.00 to $55.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 24th. Morgan Stanley set a $67.00 target price on Ovintiv in a research note on Wednesday, August 19th. Stephens reiterated a "positive" rating and set a $69.00 price target on shares of Ovintiv in a report on Friday, July 24th. Mizuho boosted 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. Finally, Wall Street Zen upgraded shares of Ovintiv from a "hold" rating to a "buy" rating in a research report on Saturday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $66.89.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $64.59 on Monday. The business has a 50-day simple moving average of $59.32 and a 200-day simple moving average of $56.97. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. Ovintiv Inc. has a one year low of $35.47 and a one year high of $67.44. The company has a market cap of $17.79 billion, a PE ratio of 18.25 and a beta of 0.53.

Ovintiv (NYSE:OVV - Get Free Report) last issued 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 analyst estimates of $2.37 billion. On average, equities research analysts forecast that Ovintiv Inc. will post 7.09 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company 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 $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv's dividend payout ratio (DPR) is presently 33.90%.

Insider Activity

In other news, EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the sale, the executive vice president directly owned 72,530 shares of the company's stock, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.85% of the company's stock.

Ovintiv 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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