Cibc World Market Inc. Purchases Shares of 143,609 Ovintiv Inc. $OVV

Key Points

• CIBC World Market purchased 143,609 Ovintiv shares worth approximately $7.56 million, while other institutional investors also increased their positions. Institutions collectively own 83.81% of the company.
• Ovintiv reported quarterly EPS of $1.74, below the $1.94 analyst consensus, despite revenue of $3.01 billion exceeding expectations. The company declared a quarterly dividend of $0.30 per share, representing a 1.9% yield.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $66.89 versus the stock’s reported price of $64.47.

Cibc World Market Inc. purchased a new position in Ovintiv Inc. (NYSE:OVV - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 143,609 shares of the company's stock, valued at approximately $7,561,000. Cibc World Market Inc. owned approximately 0.05% of Ovintiv as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Integrated Wealth Concepts LLC boosted its holdings in Ovintiv by 70.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company's stock valued at $391,000 after purchasing an additional 3,788 shares during the period. Great Lakes Advisors LLC purchased a new stake in Ovintiv during the 1st quarter worth about $202,000. Focus Partners Wealth increased its holdings in Ovintiv by 49.3% during the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company's stock worth $825,000 after purchasing an additional 6,364 shares during the period. Geneos Wealth Management Inc. raised its position in Ovintiv by 47.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company's stock valued at $78,000 after purchasing an additional 589 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Ovintiv by 103.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company's stock valued at $126,000 after purchasing an additional 1,675 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president owned 72,530 shares of the company's stock, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.85% of the company's stock.

Ovintiv Trading Down 2.2%

NYSE:OVV opened at $64.47 on Wednesday. The stock has a 50-day simple moving average of $58.59 and a 200-day simple moving average of $56.58. The stock has a market cap of $17.76 billion, a P/E ratio of 18.21 and a beta of 0.53. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $67.44. 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 (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). The business had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. As a group, analysts anticipate that Ovintiv Inc. will post 7.09 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared 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 annualized dividend and a yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv's dividend payout ratio is currently 33.90%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on OVV shares. Morgan Stanley set a $67.00 price objective on Ovintiv in a research report on Wednesday, August 19th. UBS Group raised their target price on shares of Ovintiv from $71.00 to $74.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Stephens reiterated a "positive" rating and issued a $69.00 price target on shares of Ovintiv in a research note on Friday, July 24th. Weiss Ratings upgraded shares of Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a report on Tuesday, July 28th. Finally, Citigroup increased their price objective on shares of Ovintiv from $66.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $66.89.

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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