Nuveen LLC Takes Position in Ovintiv Inc. (NYSE:OVV)

Key Points

• Nuveen LLC has acquired a new stake in Ovintiv Inc., purchasing 1,088,858 shares valued at approximately $46.6 million, now holding about 0.42% of the company.
• Analysts have shown optimism for Ovintiv, with multiple firms revising their price targets upward, including Goldman Sachs raising it to $51, indicating an average target price of $53.47 across the board.
• Ovintiv recently declared a quarterly dividend of $0.30 per share, representing an annualized dividend yield of 3.0%, with a payout ratio of 53.10%.

Nuveen LLC bought a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,088,858 shares of the company's stock, valued at approximately $46,603,000. Nuveen LLC owned about 0.42% of Ovintiv at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Concurrent Investment Advisors LLC grew its position in shares of Ovintiv by 5.6% in the first quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock valued at $239,000 after purchasing an additional 297 shares during the last quarter. UMB Bank n.a. grew its position in Ovintiv by 16.9% during the first quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock worth $124,000 after buying an additional 417 shares in the last quarter. Crossmark Global Holdings Inc. grew its position in Ovintiv by 0.6% during the first quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock worth $2,962,000 after buying an additional 420 shares in the last quarter. Kestra Private Wealth Services LLC grew its position in Ovintiv by 9.2% during the first quarter. Kestra Private Wealth Services LLC now owns 5,737 shares of the company's stock worth $246,000 after buying an additional 482 shares in the last quarter. Finally, J. Safra Sarasin Holding AG grew its position in Ovintiv by 1.3% during the fourth quarter. J. Safra Sarasin Holding AG now owns 39,120 shares of the company's stock worth $1,584,000 after buying an additional 511 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

Wall Street Analyst Weigh In

OVV has been the topic of a number of analyst reports. The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and increased their price target for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Mizuho reduced their price target on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Citigroup set a $54.00 price target on Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Barclays increased their price target on Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Finally, Scotiabank increased their price target on Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $53.47.

Ovintiv Stock Up 0.9%

Shares of OVV opened at $39.87 on Friday. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $47.18. The stock has a market capitalization of $10.25 billion, a price-to-earnings ratio of 17.64, a PEG ratio of 4.78 and a beta of 1.10. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a fifty day moving average of $40.11 and a 200-day moving average of $39.20.

Ovintiv (NYSE:OVV - Get Free Report) last announced 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 net margin of 6.46% and a return on equity of 14.24%. The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.92 billion. As a group, sell-side analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

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

About Ovintiv

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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