Manning & Napier Advisors LLC Invests $3.60 Million in Ovintiv Inc. $OVV

Key Points

• Manning & Napier Advisors acquired 67,754 Ovintiv shares worth approximately $3.6 million in the second quarter, while institutional investors collectively own 83.81% of the company.
• Ovintiv reported quarterly EPS of $1.74, below the $1.94 analyst consensus, though revenue of $3.01 billion exceeded expectations of $2.37 billion.
• The company declared a quarterly dividend of $0.30 per share, equivalent to $1.20 annually and a 1.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $66.89.

Manning & Napier Advisors LLC acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 67,754 shares of the company's stock, valued at approximately $3,605,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Ovintiv during the 2nd quarter valued at $1,422,959,000. AQR Capital Management LLC boosted its stake in shares of Ovintiv by 263.8% in the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company's stock worth $199,866,000 after buying an additional 3,589,030 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company's stock worth $223,101,000 after buying an additional 3,060,691 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Ovintiv in the second quarter worth $124,308,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Ovintiv by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company's stock worth $433,418,000 after acquiring an additional 1,669,469 shares during the period. Institutional investors own 83.81% of the company's stock.

Ovintiv Price Performance

NYSE OVV opened at $65.91 on Tuesday. 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 stock has a market cap of $18.16 billion, a price-to-earnings ratio of 18.62 and a beta of 0.53. The company's 50 day moving average is $58.37 and its two-hundred day moving average is $56.45.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. As a group, research analysts anticipate that Ovintiv Inc. will post 7.09 earnings per share for the current 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 paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Tuesday, September 15th. Ovintiv's dividend payout ratio is presently 33.90%.

Insider Buying and Selling

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the business's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the transaction, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. The trade was a 9.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.85% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on OVV shares. UBS Group increased their target price on Ovintiv from $71.00 to $74.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Scotiabank upgraded Ovintiv from an "outperform" rating to a "buy" rating in a research note on Wednesday, May 20th. Weiss Ratings raised shares of Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, July 28th. Citigroup upped their price target on shares of Ovintiv from $66.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Finally, Roth Capital increased their price objective on shares of Ovintiv from $50.00 to $55.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 24th. One research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $66.89.

About Ovintiv

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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