Royal Bank of Canada Acquires 202,818 Shares of Ovintiv Inc. $OVV

Key Points

• Royal Bank of Canada increased its Ovintiv stake by 34.2% in the first quarter, acquiring 202,818 shares for a total of 796,340 shares valued at approximately $47.3 million. Institutional investors and hedge funds collectively own 83.81% of OVV.
• Ovintiv reported quarterly EPS of $1.74, missing the $1.94 consensus estimate, while revenue of $3.01 billion exceeded expectations. The company declared a quarterly dividend of $0.30, equating to a 1.9% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $66.89, above the stock’s reported opening price of $62.40.

Royal Bank of Canada lifted its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 34.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 796,340 shares of the company's stock after acquiring an additional 202,818 shares during the quarter. Royal Bank of Canada owned approximately 0.28% of Ovintiv worth $47,270,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in OVV. Stifel Financial Corp raised its stake in Ovintiv by 1.4% in the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company's stock valued at $749,000 after acquiring an additional 269 shares during the period. Root Financial Partners LLC increased its holdings in shares of Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company's stock valued at $54,000 after purchasing an additional 277 shares during the last quarter. Deseret Mutual Benefit Administrators raised its position in shares of Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock valued at $52,000 after purchasing an additional 287 shares during the period. Sanctuary Advisors LLC raised its position in shares of Ovintiv by 2.6% in the first quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company's stock valued at $773,000 after purchasing an additional 324 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its stake in shares of Ovintiv by 9.6% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company's stock worth $163,000 after buying an additional 362 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Down 0.1%

Shares of OVV opened at $62.40 on Monday. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $64.61. The firm's 50 day moving average is $56.50 and its 200-day moving average is $54.00. The stock has a market capitalization of $17.19 billion, a PE ratio of 17.63 and a beta of 0.53. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32.

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

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given 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 1.9%. Ovintiv's dividend payout ratio (DPR) is presently 33.90%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on OVV shares. Roth Capital upped their price target on shares of Ovintiv from $50.00 to $55.00 and gave the company a "neutral" rating in a research note on Wednesday, June 24th. Barclays raised their price objective on shares of Ovintiv from $68.00 to $75.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 26th. Citigroup upped their target price on Ovintiv from $66.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday. Scotiabank raised Ovintiv from an "outperform" rating to a "buy" rating in a report on Wednesday, May 20th. Finally, Wall Street Zen upgraded Ovintiv from a "hold" rating to a "buy" rating in a research note on Saturday, July 25th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $66.89.

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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