Man Group plc Acquires Shares of 17,771 Ovintiv Inc. $OVV

Key Points

• Man Group acquired 17,771 shares of Ovintiv during the second quarter, valued at approximately $936,000. Institutional investors and hedge funds collectively own 83.81% of the company.
• Ovintiv reported quarterly EPS of $1.74, missing the $1.94 consensus estimate, while revenue of $3.01 billion exceeded analyst expectations of $2.37 billion.
• The company declared a quarterly dividend of $0.30 per share, equivalent to an annualized $1.20 payout and a 1.8% yield. Analysts maintain a “Moderate Buy” consensus rating with a $66.95 average price target.

Man Group plc acquired a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 17,771 shares of the company's stock, valued at approximately $936,000.

Other hedge funds have also modified their holdings of the company. Steph & Co. acquired a new stake in Ovintiv in the 1st quarter valued at $29,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Ovintiv during the second quarter worth $32,000. Aberdeen Wealth Management LLC bought a new position in shares of Ovintiv during the second quarter valued at $32,000. Los Angeles Capital Management LLC bought a new position in shares of Ovintiv during the fourth quarter valued at $46,000. Finally, Deseret Mutual Benefit Administrators boosted its stake in shares of Ovintiv by 27.6% in 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. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Down 1.5%

NYSE OVV opened at $65.92 on Friday. The stock has a fifty day moving average of $60.30 and a 200-day moving average of $57.52. The stock has a market capitalization of $18.16 billion, a P/E ratio of 18.62 and a beta of 0.53. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $67.51. 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 issued its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.20). The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. On average, equities research analysts forecast that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv's payout ratio is currently 33.90%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on OVV. 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 report on Saturday, July 25th. Royal Bank Of Canada upped their price objective on shares of Ovintiv from $70.00 to $85.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Seaport Research Partners assumed coverage on shares of Ovintiv in a report on Thursday. They set a "neutral" rating for the company. Finally, Stephens reiterated a "positive" rating and issued a $69.00 target price on shares of Ovintiv in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $66.95.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president directly owned 72,530 shares in the company, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.85% of the company's stock.

Ovintiv Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source