Foster & Motley Inc. Invests $1.93 Million in Ovintiv Inc. $OVV

Key Points

• Foster & Motley acquired 36,665 Ovintiv shares worth approximately $1.93 million during the second quarter. Institutional investors collectively own 83.81% of the company, including a reported $1.42 billion stake purchased by BlackRock.
• Analysts maintain a broadly positive outlook, with Ovintiv receiving a consensus “Moderate Buy” rating and an average price target of $66.79. The stock recently opened at $65.03, near its 52-week high of $65.43.
• Ovintiv reported quarterly earnings of $1.74 per share, below the $1.94 consensus estimate, but revenue of $3.01 billion exceeded expectations. The company declared a quarterly dividend of $0.30 per share, equivalent to a 1.8% annual yield.

Foster & Motley Inc. acquired a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 36,665 shares of the company's stock, valued at approximately $1,930,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Equity Investment Corp bought a new stake in shares of Ovintiv in the second quarter valued at $201,000. Meeder Advisory Services Inc. bought a new position in shares of Ovintiv during the 2nd quarter worth $631,000. Citizens Financial Group Inc. RI purchased a new stake in Ovintiv in the 2nd quarter worth about $218,000. BlackRock Inc. bought a new stake in Ovintiv in the 2nd quarter valued at about $1,422,959,000. Finally, Pallas Capital Advisors LLC bought a new stake in Ovintiv in the 2nd quarter valued at about $279,000. 83.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on OVV. Stephens reiterated a "positive" rating and set a $69.00 target price on shares of Ovintiv in a research report on Friday, July 24th. Roth Capital upped their price target on shares of Ovintiv from $50.00 to $55.00 and gave the company a "neutral" rating in a research note on Wednesday, June 24th. Scotiabank raised shares of Ovintiv from an "outperform" rating to a "buy" rating in a report on Wednesday, May 20th. Wall Street Zen upgraded shares of Ovintiv from a "hold" rating to a "buy" rating in a research note on Saturday, July 25th. Finally, Zacks Research downgraded Ovintiv from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 15th. One investment 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $66.79.

Insider Buying and Selling at Ovintiv

In other news, EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv stock in a transaction dated 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 owned 72,530 shares in the company, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.85% of the stock is currently owned by insiders.

Ovintiv Stock Up 1.9%

Shares of NYSE:OVV opened at $65.03 on Wednesday. The firm has a fifty day moving average price of $57.60 and a two-hundred day moving average price of $55.80. The company has a market cap of $17.92 billion, a price-to-earnings ratio of 18.37 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. Ovintiv Inc. has a one year low of $35.47 and a one year high of $65.43.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly 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). The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. Analysts anticipate that Ovintiv Inc. will post 6.83 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 1.8%. Ovintiv's dividend payout ratio (DPR) is presently 33.90%.

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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