Korea Investment CORP acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 61,004 shares of the company's stock, valued at approximately $3,212,000.
A number of other hedge funds have also recently modified their holdings of OVV. EP Wealth Advisors LLC purchased a new stake in shares of Ovintiv in the 2nd quarter worth about $736,000. Callan Family Office LLC bought a new position in shares of Ovintiv in the 2nd quarter worth about $1,137,000. Encore Global Management LP purchased a new position in Ovintiv during the 2nd quarter valued at about $737,000. Allworth Financial LP purchased a new position in Ovintiv during the 2nd quarter valued at about $175,000. Finally, NFJ Investment Group LLC bought a new stake in Ovintiv during the second quarter worth about $3,265,000. Institutional investors own 83.81% of the company's stock.
Ovintiv Price Performance
Shares of NYSE:OVV opened at $65.91 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market cap of $18.16 billion, a price-to-earnings ratio of 18.62 and a beta of 0.53. The business has a 50-day simple moving average of $58.37 and a two-hundred day simple moving average of $56.45. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $67.44.
Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The company had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $2.37 billion. On average, analysts expect that Ovintiv Inc. will post 7.09 earnings per share for the current year.
Ovintiv Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 annualized dividend and a yield of 1.8%. Ovintiv's dividend payout ratio (DPR) is currently 33.90%.
Insider Buying and Selling
In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president 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 SEC, which is accessible through this hyperlink. Company insiders own 0.85% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Ovintiv from a "hold" rating to a "buy" rating in a report on Saturday, July 25th. UBS Group lifted 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. Barclays boosted their price target on Ovintiv from $68.00 to $75.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 26th. Citigroup upped their price target on Ovintiv from $66.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Finally, National Bank Financial raised their price objective on Ovintiv from $82.00 to $83.00 and gave the company an "outperform" rating in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $66.89.
Check Out Our Latest Stock Analysis on Ovintiv
Ovintiv Company Profile
(
Free Report)
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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