NewEdge Advisors LLC Boosts Stock Holdings in Ovintiv Inc. $OVV

Key Points

• NewEdge Advisors significantly increased its Ovintiv holdings by purchasing 61,651 additional shares in the first quarter, bringing its total to 61,829 shares valued at approximately $3.67 million. Institutional investors collectively own 83.81% of OVV.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $66.79. Recent targets range from $55 to $85, including an upgrade to “Buy” from Scotiabank.
• Ovintiv reported quarterly revenue of $3.01 billion, exceeding estimates, though adjusted earnings of $1.74 per share missed expectations. The company declared a quarterly dividend of $0.30 per share, representing a 1.9% yield.

NewEdge Advisors LLC grew its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 34,635.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 61,829 shares of the company's stock after purchasing an additional 61,651 shares during the quarter. NewEdge Advisors LLC's holdings in Ovintiv were worth $3,670,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of OVV. BCS Private Wealth Management Inc. bought a new stake in shares of Ovintiv in the 4th quarter worth about $976,000. UBS Group AG increased its position in shares of Ovintiv by 8.3% during the 4th quarter. UBS Group AG now owns 997,177 shares of the company's stock worth $39,079,000 after purchasing an additional 76,846 shares in the last quarter. Hillsdale Investment Management Inc. lifted its holdings in Ovintiv by 317.3% during the 4th quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company's stock valued at $7,373,000 after purchasing an additional 142,800 shares during the last quarter. Intech Investment Management LLC bought a new position in Ovintiv during the 4th quarter valued at about $5,045,000. Finally, Pacific Heights Asset Management LLC boosted its position in Ovintiv by 23.7% in the fourth quarter. Pacific Heights Asset Management LLC now owns 600,000 shares of the company's stock valued at $23,514,000 after buying an additional 115,000 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on OVV shares. Roth Capital raised their price objective on shares of Ovintiv from $50.00 to $55.00 and gave the stock a "neutral" rating in a report on Wednesday, June 24th. Truist Financial reissued a "buy" rating and issued a $73.00 target price (up from $66.00) on shares of Ovintiv in a report on Monday, July 27th. Stephens restated a "positive" rating and set a $69.00 price target on shares of Ovintiv in a research report on Friday, July 24th. Scotiabank raised Ovintiv from an "outperform" rating to a "buy" rating in a report on Wednesday, May 20th. Finally, Royal Bank Of Canada raised their price target on Ovintiv from $70.00 to $85.00 and gave the company an "outperform" rating in a report on Monday, July 27th. One equities research 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's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $66.79.

Ovintiv Trading Down 0.1%

OVV opened at $63.38 on Thursday. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $64.61. The stock has a market capitalization of $17.46 billion, a PE ratio of 17.90 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. The firm has a 50-day moving average price of $57.12 and a two-hundred day moving average price of $55.20.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results 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 during the quarter, compared to analyst estimates of $2.37 billion. As a group, equities analysts anticipate that Ovintiv Inc. will post 6.87 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

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 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv's payout ratio is currently 33.90%.

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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