KBC Group NV Has $9.98 Million Holdings in Ovintiv Inc. $OVV

Key Points

• KBC Group NV boosted its stake in Ovintiv by 82.6% in the first quarter, buying 76,043 additional shares and bringing its total to 168,150 shares worth about $9.98 million.
• Institutional ownership remains very high, with hedge funds and other institutions holding 83.81% of Ovintiv’s shares. Several other firms also increased positions during recent quarters.
• Analysts remain broadly positive on the stock, with a consensus rating of Moderate Buy and an average price target of $65.63. Ovintiv also recently paid a quarterly dividend of $0.30 per share, implying a 2.0% annual yield.

KBC Group NV grew its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 82.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 168,150 shares of the company's stock after purchasing an additional 76,043 shares during the quarter. KBC Group NV owned approximately 0.06% of Ovintiv worth $9,981,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Stifel Financial Corp grew its holdings in Ovintiv by 1.4% during the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company's stock worth $749,000 after acquiring an additional 269 shares during the period. Root Financial Partners LLC grew its stake in shares of Ovintiv by 43.2% during the first quarter. Root Financial Partners LLC now owns 918 shares of the company's stock worth $54,000 after purchasing an additional 277 shares during the period. Deseret Mutual Benefit Administrators increased its holdings in Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock valued at $52,000 after purchasing an additional 287 shares during the last quarter. Fiduciary Financial Group LLC increased its holdings in Ovintiv by 3.2% in the fourth quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company's stock valued at $371,000 after purchasing an additional 297 shares during the last quarter. Finally, Sanctuary Advisors LLC lifted its stake in Ovintiv by 2.6% in the first quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company's stock valued at $773,000 after buying an additional 324 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on OVV. Royal Bank Of Canada set a $70.00 target price on Ovintiv and gave the stock an "outperform" rating in a report on Monday, June 22nd. Texas Capital upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Thursday, June 25th. Roth Capital boosted their target price on Ovintiv from $50.00 to $55.00 and gave the company a "neutral" rating in a research note on Wednesday, June 24th. Barclays increased 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, Zacks Research cut Ovintiv from a "strong-buy" rating to a "hold" rating in a report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $65.63.

Ovintiv Stock Up 2.0%

NYSE OVV opened at $60.59 on Thursday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $63.46. The company has a market cap of $17.03 billion, a price-to-earnings ratio of 19.54 and a beta of 0.53. The company has a 50 day moving average of $56.25 and a 200-day moving average of $52.89.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.30 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.20 annualized dividend and a yield of 2.0%. Ovintiv's dividend payout ratio (DPR) is currently 38.71%.

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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