Amundi Purchases 1,033,309 Shares of Ovintiv Inc. $OVV

Key Points

• Amundi increased its stake in Ovintiv Inc. by 86.3% during the first quarter, now owning approximately 2,231,116 shares valued at $87.1 million.
• Ovintiv announced a quarterly dividend of $0.30 per share, yielding 2.9%, set to be paid on September 29th.
• Analysts have a consensus rating of "Buy" for Ovintiv, with target prices ranging between $51.00 and $58.00, reflecting positive growth expectations.

Amundi grew its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 86.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,231,116 shares of the company's stock after purchasing an additional 1,033,309 shares during the quarter. Amundi owned approximately 0.86% of Ovintiv worth $87,125,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of OVV. Charles Schwab Investment Management Inc. raised its position 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 during the period. Fuller & Thaler Asset Management Inc. bought a new position in shares of Ovintiv in the first quarter valued at approximately $56,865,000. Nuveen LLC bought a new position in shares of Ovintiv in the first quarter valued at approximately $46,603,000. Vanguard Group Inc. raised its position in shares of Ovintiv by 3.3% in the first quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company's stock valued at $1,302,113,000 after purchasing an additional 959,711 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its position in shares of Ovintiv by 106.2% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,534,004 shares of the company's stock valued at $65,655,000 after purchasing an additional 790,000 shares during the period. Institutional investors own 83.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on OVV. UBS Group boosted their target price on shares of Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Wells Fargo & Company dropped their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, June 16th. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Scotiabank boosted their target price on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Finally, Citigroup set a $54.00 target price on shares of Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $53.07.

Ovintiv Stock Performance

OVV traded down $0.46 during trading on Friday, reaching $41.91. 2,138,929 shares of the company's stock were exchanged, compared to its average volume of 2,838,529. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18. 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 business has a 50 day moving average price of $40.65 and a 200 day moving average price of $38.83. The company has a market capitalization of $10.77 billion, a P/E ratio of 18.54, a PEG ratio of 5.44 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last issued 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 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 analyst estimates of $1.92 billion. As a group, analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's payout ratio is currently 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.