UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Has $48.64 Million Stock Position in Ovintiv Inc. $OVV

Key Points

• UBS Asset Management raised its stake in Ovintiv Inc. by 8.8%, now holding approximately $48.64 million in the company.
• Several institutional investors, including Atlas Capital Advisors and Charles Schwab, have increased their stakes significantly, indicating strong institutional interest in Ovintiv.
• Analysts are optimistic about Ovintiv's stock, with many upgrading their ratings and setting target prices above the current market value.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 8.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,136,480 shares of the company's stock after purchasing an additional 91,601 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 0.44% of Ovintiv worth $48,641,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Concurrent Investment Advisors LLC raised its position in Ovintiv by 5.6% in the 1st quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock worth $239,000 after purchasing an additional 297 shares during the last quarter. Smartleaf Asset Management LLC raised its position in Ovintiv by 43.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company's stock worth $49,000 after purchasing an additional 349 shares during the last quarter. UMB Bank n.a. raised its position in Ovintiv by 16.9% in the 1st quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock worth $124,000 after purchasing an additional 417 shares during the last quarter. Crossmark Global Holdings Inc. raised its position in Ovintiv by 0.6% in the 1st quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock worth $2,962,000 after purchasing an additional 420 shares during the last quarter. Finally, Aberdeen Group plc raised its position in shares of Ovintiv by 5.5% during the 1st quarter. Aberdeen Group plc now owns 9,168 shares of the company's stock valued at $392,000 after acquiring an additional 475 shares during the last quarter. Institutional investors own 83.81% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on OVV shares. Mizuho reduced their target price on Ovintiv from $58.00 to $50.00 and set an "outperform" rating on the stock in a report on Monday. Morgan Stanley set a $48.00 price target on shares of Ovintiv and gave the company an "equal weight" rating in a report on Monday, August 18th. Wells Fargo & Company decreased their price target 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. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Finally, UBS Group upped their target price on shares of Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $52.53.

Ovintiv Stock Down 1.9%

NYSE:OVV traded down $0.79 on Friday, hitting $41.21. 5,143,803 shares of the company's stock were exchanged, compared to its average volume of 2,793,891. The firm has a 50-day moving average price of $40.73 and a 200-day moving average price of $38.84. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $47.18. The company has a market cap of $10.59 billion, a P/E ratio of 18.23, a price-to-earnings-growth ratio of 5.40 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last issued its earnings results 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). The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. As a group, analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, September 15th. Ovintiv's dividend payout ratio is presently 53.10%.

Ovintiv Profile

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.