Shell Asset Management Co. Buys 9,972 Shares of Ovintiv Inc. $OVV

Key Points

• Shell Asset Management Co. has increased its stake in Ovintiv Inc. by 18.9%, now holding a total of 62,604 shares valued at approximately $2.38 million.
• Institutional investors own 83.81% of Ovintiv's stock, with several hedge funds raising their positions in the company during the second quarter.
• Wall Street analysts have varied opinions on Ovintiv, with price targets ranging from $41.00 to $54.00, and a consensus rating of "Moderate Buy".

Shell Asset Management Co. lifted its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 18.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 62,604 shares of the company's stock after buying an additional 9,972 shares during the period. Shell Asset Management Co.'s holdings in Ovintiv were worth $2,382,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. DAVENPORT & Co LLC raised its position in Ovintiv by 5.7% in the second quarter. DAVENPORT & Co LLC now owns 18,197 shares of the company's stock worth $692,000 after purchasing an additional 977 shares in the last quarter. QRG Capital Management Inc. raised its position in Ovintiv by 1.6% in the second quarter. QRG Capital Management Inc. now owns 58,006 shares of the company's stock worth $2,207,000 after purchasing an additional 901 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Ovintiv by 11.0% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 241,568 shares of the company's stock worth $9,192,000 after purchasing an additional 23,968 shares in the last quarter. Dogwood Wealth Management LLC acquired a new position in Ovintiv in the second quarter worth about $35,000. Finally, HB Wealth Management LLC raised its position in Ovintiv by 17.8% in the second quarter. HB Wealth Management LLC now owns 6,643 shares of the company's stock worth $253,000 after purchasing an additional 1,005 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

Wall Street Analysts Forecast Growth

OVV has been the subject of several recent research reports. Evercore ISI increased their price target on shares of Ovintiv from $42.00 to $43.00 and gave the stock an "outperform" rating in a research report on Monday. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Wells Fargo & Company dropped their price objective on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $47.00 to $51.00 in a report on Tuesday, July 1st. Finally, Zacks Research lowered shares of Ovintiv from a "hold" rating to a "strong sell" rating in a report on Friday, September 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Ovintiv has a consensus rating of "Moderate Buy" and a consensus price target of $52.00.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $40.06 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a market cap of $10.30 billion, a P/E ratio of 17.73, a P/E/G ratio of 5.15 and a beta of 0.97. The firm has a 50 day simple moving average of $40.82 and a 200 day simple moving average of $38.94. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18.

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

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend 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.

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