Legal & General Group Plc Invests $24.06 Million in Ovintiv Inc. $OVV

Key Points

• Legal & General Group acquired 456,999 Ovintiv shares worth approximately $24.1 million, giving it a 0.17% stake. Institutional investors collectively own 83.81% of the company.
• Ovintiv reported quarterly revenue of $3.01 billion, above expectations, but earnings per share of $1.74 missed the $1.94 consensus estimate. The company declared a quarterly dividend of $0.30 per share, representing a 1.9% yield.
• Analysts remain broadly positive, with one Strong Buy, 18 Buy and three Hold ratings and a consensus price target of $66.89. An executive separately sold 7,753 shares for about $491,000.

Legal & General Group Plc purchased a new position in Ovintiv Inc. (NYSE:OVV - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 456,999 shares of the company's stock, valued at approximately $24,061,000. Legal & General Group Plc owned about 0.17% of Ovintiv at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Steph & Co. purchased a new position in shares of Ovintiv during the first quarter worth approximately $29,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Ovintiv in the second quarter worth approximately $32,000. Aberdeen Wealth Management LLC purchased a new position in Ovintiv during the 2nd quarter worth $32,000. Los Angeles Capital Management LLC purchased a new position in Ovintiv during the 4th quarter worth $46,000. Finally, Deseret Mutual Benefit Administrators raised its position in Ovintiv by 27.6% during the 4th 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 in the last quarter. Institutional investors own 83.81% of the company's stock.

Insider Buying and Selling at Ovintiv

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the sale, the executive vice president directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.85% of the company's stock.

Ovintiv Trading Down 0.9%

Shares of NYSE:OVV opened at $64.59 on Friday. The company has a market capitalization of $17.79 billion, a PE ratio of 18.25 and a beta of 0.53. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $67.44. The business's fifty day simple moving average is $59.32 and its 200-day simple moving average is $56.90.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share 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 the consensus estimate of $2.37 billion. As a group, equities research analysts predict that Ovintiv Inc. will post 7.09 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv's dividend payout ratio is presently 33.90%.

Analyst Ratings Changes

A number of research firms have recently issued reports on OVV. Roth Capital increased their price target on Ovintiv from $50.00 to $55.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 24th. Mizuho lifted their price objective on Ovintiv from $69.00 to $75.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Scotiabank raised shares of Ovintiv from an "outperform" rating to a "buy" rating in a research note on Wednesday, May 20th. Citigroup increased their target price on shares of Ovintiv from $66.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Finally, Texas Capital raised shares of Ovintiv to a "strong-buy" rating in a research report on Thursday, June 25th. 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. According to data from MarketBeat, Ovintiv has an average rating of "Moderate Buy" and a consensus price target 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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