PensionDanmark Pensionsforsikringsaktieselskab Makes New Investment in Ovintiv Inc. $OVV

Key Points

• PensionDanmark acquired 90,000 Ovintiv shares during the second quarter, valued at approximately $4.74 million. Institutional investors collectively own 83.81% of the company.
• Analysts remain broadly positive, with Ovintiv receiving a consensus “Moderate Buy” rating and an average price target of $66.89. Several firms recently raised their targets, including Wells Fargo, which upgraded the stock to “Overweight” with an $80 target.
• Ovintiv reported quarterly EPS of $1.74, below the $1.94 consensus estimate, but revenue of $3.01 billion exceeded expectations. The company also declared a quarterly dividend of $0.30 per share, representing a 2.0% annualized yield.

PensionDanmark Pensionsforsikringsaktieselskab acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 90,000 shares of the company's stock, valued at approximately $4,738,000.

Several other institutional investors have also modified their holdings of the stock. Foster Group Inc. increased its position in shares of Ovintiv by 14.8% during the 2nd quarter. Foster Group Inc. now owns 85,620 shares of the company's stock valued at $4,508,000 after purchasing an additional 11,037 shares during the last quarter. GAMMA Investing LLC raised its holdings in Ovintiv by 11.6% during the 2nd quarter. GAMMA Investing LLC now owns 12,905 shares of the company's stock valued at $679,000 after buying an additional 1,345 shares during the period. CX Institutional lifted its position in Ovintiv by 1.0% in the second quarter. CX Institutional now owns 28,363 shares of the company's stock worth $1,493,000 after buying an additional 276 shares during the last quarter. Rathbones Group PLC bought a new stake in Ovintiv in the first quarter worth $330,000. Finally, NewEdge Advisors LLC boosted its stake in Ovintiv by 34,635.4% during the first quarter. NewEdge Advisors LLC now owns 61,829 shares of the company's stock worth $3,670,000 after buying an additional 61,651 shares during the period. 83.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wells Fargo & Company raised shares of Ovintiv from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $57.00 to $80.00 in a research report on Monday, June 22nd. Truist Financial restated a "buy" rating and set a $73.00 target price (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. Citigroup upped their target price on Ovintiv from $66.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. UBS Group increased their price target on Ovintiv from $71.00 to $74.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Finally, National Bank Financial raised their price target on Ovintiv from $82.00 to $83.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Ovintiv currently has a consensus rating of "Moderate Buy" and a consensus price target of $66.89.

Ovintiv Price Performance

Shares of OVV opened at $59.37 on Monday. The company has a 50 day moving average price of $56.84 and a 200-day moving average price of $54.71. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $64.61. The stock has a market capitalization of $16.36 billion, a PE ratio of 16.77 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01.

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

Ovintiv Dividend Announcement

The business 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 $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. Ovintiv's dividend payout ratio (DPR) is currently 33.90%.

About Ovintiv

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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