The Manufacturers Life Insurance Company Makes New Investment in Ovintiv Inc. $OVV

Key Points

• The Manufacturers Life Insurance Company acquired 235,044 Ovintiv shares worth approximately $12.4 million, taking a 0.09% stake. Institutional investors collectively own 83.81% of the company.
• Ovintiv reported quarterly EPS of $1.74, below the $1.94 consensus estimate, while revenue of $3.01 billion exceeded expectations. The company declared a quarterly dividend of $0.30 per share, representing a 1.9% yield.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $66.89 price target; however, an executive recently sold 7,753 shares for approximately $491,000.

The Manufacturers Life Insurance Company acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 235,044 shares of the company's stock, valued at approximately $12,375,000. The Manufacturers Life Insurance Company owned about 0.09% of Ovintiv as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Steph & Co. bought a new stake in shares of Ovintiv in the 1st quarter worth about $29,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Ovintiv during the 2nd quarter worth about $32,000. Aberdeen Wealth Management LLC bought a new position in Ovintiv during the 2nd quarter valued at about $32,000. Los Angeles Capital Management LLC bought a new position in Ovintiv during the 4th quarter valued at about $46,000. Finally, Deseret Mutual Benefit Administrators raised its position in Ovintiv by 27.6% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock worth $52,000 after purchasing an additional 287 shares during the period. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Trading Down 0.9%

OVV stock opened at $64.59 on Friday. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $67.44. The firm's 50-day moving average is $59.32 and its 200 day moving average is $56.90. The company has a market capitalization of $17.79 billion, a PE ratio of 18.25 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data 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). The company had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. On average, research analysts anticipate that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv's payout ratio is currently 33.90%.

Analyst Upgrades and Downgrades

OVV has been the subject of several analyst reports. Texas Capital raised shares of Ovintiv to a "strong-buy" rating in a research note on Thursday, June 25th. Citigroup upped their target price on Ovintiv from $66.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Royal Bank Of Canada increased their price target on Ovintiv from $70.00 to $85.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. National Bank Financial raised their price target on Ovintiv from $82.00 to $83.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 8th. Finally, Zacks Research cut Ovintiv from a "strong-buy" rating to a "hold" rating in a report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $66.89.

Insider Buying and Selling at Ovintiv

In related news, EVP Rachel Maureen Moore sold 7,753 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.85% of the company's stock.

Ovintiv Company Profile

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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