Perpetual Ltd grew its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 58.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,609 shares of the company's stock after buying 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.
Several other large investors also recently made changes to their positions in OVV. Robeco Institutional Asset Management B.V. lifted its position in Ovintiv by 33.9% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,059,930 shares of the company's stock valued at $45,365,000 after acquiring an additional 268,077 shares in the last quarter. Wealthquest Corp acquired a new position in Ovintiv during the 1st quarter worth approximately $749,000. Asset Management One Co. Ltd. grew its stake in shares of Ovintiv by 3.3% during the 1st quarter. Asset Management One Co. Ltd. now owns 97,127 shares of the company's stock worth $4,157,000 after acquiring an additional 3,058 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Ovintiv by 7.8% in the first quarter. Oppenheimer Asset Management Inc. now owns 20,673 shares of the company's stock valued at $885,000 after purchasing an additional 1,492 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in shares of Ovintiv by 16.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,339 shares of the company's stock valued at $271,000 after purchasing an additional 909 shares during the last quarter. Institutional investors own 83.81% of the company's stock.
Ovintiv Stock Performance
Shares of OVV traded up $1.21 during trading hours on Tuesday, hitting $39.26. The company had a trading volume of 3,855,538 shares, compared to its average volume of 3,337,255. The business has a fifty day moving average of $37.40 and a 200-day moving average of $39.54. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.44. The firm has a market cap of $10.20 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 2.07 and a beta of 1.08. 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 released its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.22. The firm had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. Equities analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.
Ovintiv Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.20 annualized dividend and a yield of 3.06%. Ovintiv's payout ratio is currently 51.06%.
Analysts Set New Price Targets
OVV has been the subject of several recent research reports. Barclays reduced their target price on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Morgan Stanley restated an "overweight" rating and issued a $50.00 price target on shares of Ovintiv in a research note on Tuesday, April 15th. Williams Trading set a $58.00 price target on Ovintiv in a research report on Wednesday, March 5th. Mizuho cut their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Ovintiv currently has a consensus rating of "Buy" and an average price target of $54.47.
Check Out Our Latest Analysis on OVV
Ovintiv Company Profile
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Free Report)
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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