Scotia Capital Inc. Buys 9,935 Shares of Ovintiv Inc. (NYSE:OVV)

Key Points

• Scotia Capital Inc. increased its stake in Ovintiv Inc. by 8.5%, owning 127,087 shares valued at approximately $5.4 million as of the latest reporting period.
• Ovintiv announced a quarterly dividend of $0.30, which will be paid on September 29th, resulting in an annualized yield of 3.1%.
• Analysts have varying outlooks on Ovintiv, with target prices ranging from $41 to $58, and a consensus rating of Buy based on multiple institutional ratings.

Scotia Capital Inc. grew its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 8.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 127,087 shares of the company's stock after acquiring an additional 9,935 shares during the period. Scotia Capital Inc.'s holdings in Ovintiv were worth $5,398,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its holdings in Ovintiv by 1,577.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock valued at $99,587,000 after acquiring an additional 2,312,292 shares during the period. Alyeska Investment Group L.P. raised its stake in shares of Ovintiv by 243.6% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock valued at $103,870,000 after purchasing an additional 1,818,337 shares during the period. AQR Capital Management LLC lifted its holdings in Ovintiv by 69.7% during the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock worth $132,992,000 after purchasing an additional 1,348,221 shares in the last quarter. Webs Creek Capital Management LP purchased a new position in Ovintiv during the 4th quarter valued at about $54,086,000. Finally, Freestone Grove Partners LP purchased a new stake in shares of Ovintiv in the fourth quarter worth about $45,243,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on OVV shares. Citigroup set a $54.00 price target on shares of Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. Mizuho decreased their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Wells Fargo & Company cut their price target on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research note on Monday, June 16th. Barclays raised their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Finally, TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $53.47.

Ovintiv Stock Performance

NYSE OVV traded down $0.58 on Wednesday, hitting $39.54. 3,137,891 shares of the company traded hands, compared to its average volume of 3,390,117. The business's 50 day moving average price is $39.74 and its 200-day moving average price is $39.43. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $47.18. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $10.16 billion, a price-to-earnings ratio of 7.11, a P/E/G ratio of 4.85 and a beta of 1.10.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.92 billion. Equities analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. Ovintiv's dividend payout ratio (DPR) is currently 53.10%.

About Ovintiv

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.