Northern Trust Corp Has $119.29 Million Stock Position in Ovintiv Inc. $OVV

Key Points

• Northern Trust Corp increased its holdings in Ovintiv Inc. by 6.7%, now owning over 2.7 million shares valued at approximately $119.29 million.
• Ovintiv announced a quarterly dividend of $0.30 per share, yielding 2.9%, with the ex-dividend date set for September 15th.
• The company's latest earnings report showed a net margin of 6.46% and revenue of $1.79 billion, missing analyst expectations by $130 million.

Northern Trust Corp increased its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 6.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,787,134 shares of the company's stock after acquiring an additional 174,394 shares during the quarter. Northern Trust Corp owned about 1.07% of Ovintiv worth $119,289,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of OVV. Charles Schwab Investment Management Inc. raised its stake in shares of Ovintiv by 383.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock valued at $396,267,000 after purchasing an additional 7,344,796 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Ovintiv by 1,577.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock worth $99,587,000 after buying an additional 2,312,292 shares in the last quarter. Alyeska Investment Group L.P. increased its holdings in Ovintiv by 243.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock valued at $103,870,000 after buying an additional 1,818,337 shares during the period. AQR Capital Management LLC raised its stake in shares of Ovintiv by 69.7% in the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock valued at $132,992,000 after buying an additional 1,348,221 shares in the last quarter. Finally, Freestone Grove Partners LP acquired a new position in shares of Ovintiv in the 4th quarter valued at $45,243,000. Institutional investors own 83.81% of the company's stock.

Analyst Ratings Changes

OVV has been the topic of a number of analyst reports. Citigroup set a $54.00 target price on shares of Ovintiv and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Scotiabank lifted their price objective on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a report on Friday, July 11th. The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. Morgan Stanley set a $48.00 price objective on Ovintiv and gave the company an "equal weight" rating in a report on Monday, August 18th. Finally, Barclays lifted 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. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Ovintiv presently has an average rating of "Buy" and an average price target of $53.07.

Ovintiv Price Performance

OVV stock traded up $0.59 during midday trading on Wednesday, reaching $41.50. 2,260,023 shares of the company's stock traded hands, compared to its average volume of 3,531,844. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. The company has a market cap of $10.67 billion, a price-to-earnings ratio of 18.36, a PEG ratio of 5.14 and a beta of 1.10. The company has a 50-day simple moving average of $40.03 and a two-hundred day simple moving average of $38.98. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.The business had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.92 billion. On average, analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, September 15th. This represents a $1.20 annualized dividend and a yield of 2.9%. Ovintiv's dividend payout ratio is 53.10%.

Ovintiv Company 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.