Oppenheimer Asset Management Inc. Purchases New Shares in Ovintiv Inc. $OVV

Key Points

• Oppenheimer Asset Management purchased 16,280 Ovintiv shares worth approximately $857,000 during the second quarter. Institutional investors and hedge funds collectively own 83.81% of the company.
• Ovintiv reported quarterly revenue of $3.01 billion, exceeding expectations, but earnings per share of $1.74 fell short of the $1.94 consensus estimate. Shares opened at $63.81, near their 12-month high of $64.61.
• The company declared a quarterly dividend of $0.30 per share, equivalent to $1.20 annually and a 1.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $66.79.

Oppenheimer Asset Management Inc. purchased a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 16,280 shares of the company's stock, valued at approximately $857,000.

Other institutional investors also recently bought and sold shares of the company. Steph & Co. acquired a new stake in shares of Ovintiv during the first quarter worth about $29,000. Root Financial Partners LLC raised its stake in Ovintiv by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company's stock valued at $54,000 after acquiring an additional 277 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in Ovintiv during the 4th quarter worth approximately $46,000. Deseret Mutual Benefit Administrators grew its stake in shares of Ovintiv by 27.6% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock valued at $52,000 after purchasing an additional 287 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in shares of Ovintiv in the third quarter valued at approximately $58,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Performance

Shares of OVV stock opened at $63.81 on Tuesday. The company has a market cap of $17.58 billion, a price-to-earnings ratio of 18.03 and a beta of 0.53. The stock has a 50 day simple moving average of $57.43 and a 200-day simple moving average of $55.65. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $64.61. 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 (NYSE:OVV - Get Free Report) last posted 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 business had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $2.37 billion. On average, equities analysts forecast that Ovintiv Inc. will post 6.83 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. Ovintiv's dividend payout ratio (DPR) is 33.90%.

Insider Activity at Ovintiv

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the business's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the sale, the executive vice president directly owned 72,530 shares in the company, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.85% of the company's stock.

Analysts Set New Price Targets

OVV has been the subject of several analyst reports. Texas Capital upgraded Ovintiv to a "strong-buy" rating in a research note on Thursday, June 25th. Roth Capital lifted their price objective on shares of Ovintiv from $50.00 to $55.00 and gave the company a "neutral" rating in a research report on Wednesday, June 24th. UBS Group boosted their price objective on shares of Ovintiv from $71.00 to $74.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Citigroup upped their price objective on shares of Ovintiv from $66.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Finally, Mizuho raised their target price on shares of Ovintiv from $69.00 to $75.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given 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 $66.79.

Ovintiv Profile

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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