Perpetual Ltd Boosts Stock Position in Ovintiv Inc. (NYSE:OVV)

Perpetual Ltd raised its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 58.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 49,609 shares of the company's stock after purchasing an additional 18,240 shares during the quarter. Perpetual Ltd's holdings in Ovintiv were worth $2,123,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Ninepoint Partners LP grew its stake in Ovintiv by 16.9% during the 4th quarter. Ninepoint Partners LP now owns 225,000 shares of the company's stock valued at $9,112,000 after purchasing an additional 32,500 shares during the last quarter. Westpac Banking Corp grew its stake in Ovintiv by 64.8% during the 4th quarter. Westpac Banking Corp now owns 31,369 shares of the company's stock valued at $1,270,000 after purchasing an additional 12,340 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in Ovintiv during the 4th quarter valued at about $25,272,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Ovintiv by 19.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock valued at $8,768,000 after purchasing an additional 34,207 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Ovintiv by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock valued at $77,508,000 after purchasing an additional 45,147 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on OVV. Scotiabank upgraded Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Barclays lowered their target price on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. Mizuho lowered their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Finally, JPMorgan Chase & Co. lowered their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $54.69.

Ovintiv Stock Performance

Shares of OVV stock opened at $38.40 on Friday. The company has a market capitalization of $9.98 billion, a P/E ratio of 16.34, a P/E/G ratio of 2.11 and a beta of 1.09. The business's 50 day moving average is $37.17 and its two-hundred day moving average is $39.59. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $49.57.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. Analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.30 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.13%. Ovintiv's dividend payout ratio (DPR) is presently 51.06%.

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.

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