Mirae Asset Global Investments Co. Ltd. Has $9.19 Million Stake in Ovintiv Inc. $OVV

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in Ovintiv Inc. by 11.0% during the second quarter, holding 241,568 shares valued at approximately $9.19 million.
• Ovintiv's quarterly earnings fell short of analyst expectations, reporting an EPS of $1.02 against a consensus estimate of $1.04 and revenues of $1.79 billion compared to estimates of $1.92 billion.
• The company recently paid a quarterly dividend of $0.30 per share, representing an annualized yield of 3.0%, with an ex-dividend date of September 15th.

Mirae Asset Global Investments Co. Ltd. boosted its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 11.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 241,568 shares of the company's stock after purchasing an additional 23,968 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.09% of Ovintiv worth $9,192,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Ovintiv by 383.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock worth $396,267,000 after purchasing an additional 7,344,796 shares during the last quarter. AQR Capital Management LLC grew its holdings in Ovintiv by 69.7% during the 1st quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company's stock worth $238,513,000 after acquiring an additional 2,288,989 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in Ovintiv in the 1st quarter valued at approximately $56,865,000. Nuveen LLC bought a new position in shares of Ovintiv during the first quarter valued at $46,603,000. Finally, Amundi lifted its holdings in shares of Ovintiv by 86.3% during the first quarter. Amundi now owns 2,231,116 shares of the company's stock worth $87,125,000 after purchasing an additional 1,033,309 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on OVV shares. Barclays increased their price objective on Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a report on Friday, July 25th. TD Cowen raised Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. JPMorgan Chase & Co. lowered their price objective on Ovintiv from $50.00 to $47.00 and set an "overweight" rating for the company in a research report on Friday. Morgan Stanley set a $48.00 target price on Ovintiv and gave the company an "equal weight" rating in a report on Monday, August 18th. Finally, Wells Fargo & Company decreased their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, June 16th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Ovintiv currently has a consensus rating of "Moderate Buy" and a consensus target price of $52.73.

Ovintiv Stock Performance

NYSE:OVV opened at $40.15 on Monday. The firm has a market capitalization of $10.32 billion, a P/E ratio of 17.76, a P/E/G ratio of 5.19 and a beta of 0.97. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $47.18. The company has a fifty day moving average of $40.99 and a 200-day moving average of $38.93. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.92 billion. As a group, sell-side analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, September 15th. Ovintiv's dividend payout ratio is 53.10%.

Ovintiv Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

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