Canada Pension Plan Investment Board Buys New Shares in Ovintiv Inc. $OVV

Key Points

• Canada Pension Plan Investment Board acquired 213,100 Ovintiv shares worth approximately $11.22 million in the second quarter, joining other institutional investors. Institutions collectively own 83.81% of the company.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $66.89; individual targets range as high as $85.
• Ovintiv reported quarterly EPS of $1.74, below the $1.94 consensus, despite revenue of $3.01 billion exceeding estimates. The company also declared a quarterly dividend of $0.30 per share, representing a 1.9% annualized yield.

Canada Pension Plan Investment Board purchased a new position in Ovintiv Inc. (NYSE:OVV - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 213,100 shares of the company's stock, valued at approximately $11,220,000. Canada Pension Plan Investment Board owned 0.08% of Ovintiv at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. UBS Group AG raised its stake in Ovintiv by 8.3% during the 4th quarter. UBS Group AG now owns 997,177 shares of the company's stock worth $39,079,000 after buying an additional 76,846 shares during the period. Hillsdale Investment Management Inc. lifted its stake in shares of Ovintiv by 317.3% in the fourth quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company's stock valued at $7,373,000 after buying an additional 142,800 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Ovintiv during the fourth quarter valued at about $5,045,000. Pacific Heights Asset Management LLC increased its position in shares of Ovintiv by 23.7% during the fourth quarter. Pacific Heights Asset Management LLC now owns 600,000 shares of the company's stock worth $23,514,000 after acquiring an additional 115,000 shares in the last quarter. Finally, PensionDanmark Pensionsforsikringsaktieselskab bought a new position in Ovintiv in the 2nd quarter valued at about $4,738,000. 83.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on OVV shares. Roth Capital lifted their price target on Ovintiv from $50.00 to $55.00 and gave the company a "neutral" rating in a research note on Wednesday, June 24th. Morgan Stanley set a $67.00 target price on Ovintiv in a report on Wednesday, August 19th. Wells Fargo & Company cut their target price on Ovintiv from $80.00 to $78.00 and set an "overweight" rating on the stock in a research report on Thursday, August 13th. Barclays upped their price target on Ovintiv from $68.00 to $75.00 and gave the stock an "overweight" rating in a report on Tuesday, May 26th. Finally, Royal Bank Of Canada increased their price target on Ovintiv from $70.00 to $85.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. One 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's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $66.89.

Ovintiv Price Performance

Ovintiv stock opened at $64.59 on Friday. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $67.44. The company's 50 day moving average price is $59.32 and its two-hundred day moving average price is $56.90. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The stock has a market cap of $17.79 billion, a P/E ratio of 18.25 and a beta of 0.53.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.20). The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. On average, equities analysts predict that Ovintiv Inc. will post 7.09 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv's dividend payout ratio is 33.90%.

Insider Transactions at Ovintiv

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the firm's stock in a transaction on Wednesday, August 12th. The stock was 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 $4,592,599.60. This trade represents a 9.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.85% of the stock is owned by company insiders.

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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