Ovintiv Inc. $OVV Position Raised by South Dakota Investment Council

Key Points

• South Dakota Investment Council increased its Ovintiv stake by 357.3% in the first quarter, bringing its holdings to 47,100 shares worth approximately $2.8 million. Institutional investors and hedge funds collectively own 83.81% of the company.
• Analyst sentiment is favorable, with Ovintiv receiving a consensus “Moderate Buy” rating and an average price target of $66.89. Recent targets range from $55 to $80 per share.
• Ovintiv reported quarterly revenue of $3.01 billion, above expectations, but earnings per share of $1.74 missed the $1.94 consensus estimate. The company also declared a quarterly dividend of $0.30 per share, representing a 1.9% annualized yield.

South Dakota Investment Council raised its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 357.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 47,100 shares of the company's stock after purchasing an additional 36,800 shares during the quarter. South Dakota Investment Council's holdings in Ovintiv were worth $2,796,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Steph & Co. acquired a new position in Ovintiv during the first quarter worth about $29,000. Flagship Harbor Advisors LLC bought a new stake in Ovintiv in the fourth quarter worth about $38,000. Los Angeles Capital Management LLC acquired a new stake in Ovintiv in the 4th quarter valued at about $46,000. Deseret Mutual Benefit Administrators lifted its holdings in 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 acquiring an additional 287 shares during the last quarter. Finally, Root Financial Partners LLC boosted its position in shares of 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 purchasing an additional 277 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on OVV shares. Roth Capital boosted their target price on shares of Ovintiv from $50.00 to $55.00 and gave the stock a "neutral" rating in a report on Wednesday, June 24th. Morgan Stanley reduced their target price on shares of Ovintiv from $68.00 to $65.00 and set an "equal weight" rating for the company in a report on Monday, June 29th. Truist Financial restated a "buy" rating and issued a $73.00 price target (up from $66.00) on shares of Ovintiv in a research report on Monday. Wells Fargo & Company raised Ovintiv from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $57.00 to $80.00 in a report on Monday, June 22nd. Finally, Weiss Ratings upgraded Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $66.89.

Ovintiv Stock Up 0.6%

Shares of NYSE:OVV opened at $61.65 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $16.99 billion, a PE ratio of 17.42 and a beta of 0.53. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $64.61. The firm has a 50 day simple moving average of $56.43 and a 200 day simple moving average of $53.84.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The firm had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $2.37 billion. As a group, research analysts expect that Ovintiv Inc. will post 6.87 earnings per share for the current year.

Ovintiv Announces Dividend

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

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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