Van ECK Associates Corp Buys 935,860 Shares of Ovintiv Inc. $OVV

Key Points

• Van ECK Associates increased its Ovintiv stake by 119.7%, acquiring 935,860 additional shares and bringing its total holdings to 1.72 million shares valued at approximately $90.4 million. Institutional investors collectively own 83.81% of the company.
• Wall Street sentiment remains favorable, with an average rating of “Moderate Buy” and an average price target of $66.89. Ovintiv shares opened at $64.59, near their 12-month high of $67.44.
• Ovintiv reported quarterly earnings of $1.74 per share, below the $1.94 consensus estimate, despite revenue of $3.01 billion exceeding expectations. The company also declared a quarterly dividend of $0.30 per share, equivalent to a 1.9% annualized yield.

Van ECK Associates Corp boosted its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 119.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,717,400 shares of the company's stock after acquiring an additional 935,860 shares during the quarter. Van ECK Associates Corp owned 0.62% of Ovintiv worth $90,421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Ovintiv during the second quarter valued at approximately $1,422,959,000. Dimensional Fund Advisors LP increased its stake in shares of Ovintiv by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company's stock worth $433,418,000 after buying an additional 1,669,469 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Ovintiv by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company's stock worth $387,601,000 after buying an additional 203,256 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Ovintiv by 16.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company's stock valued at $467,874,000 after buying an additional 1,137,162 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company's stock valued at $223,101,000 after buying an additional 3,060,691 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on OVV shares. National Bank Financial raised their price target on shares of Ovintiv from $82.00 to $83.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. Scotiabank raised shares of Ovintiv from an "outperform" rating to a "buy" rating in a research note on Wednesday, May 20th. Truist Financial reiterated a "buy" rating and set a $73.00 target price (up from $66.00) on shares of Ovintiv in a report on Monday, July 27th. Texas Capital raised Ovintiv to a "strong-buy" rating in a research note on Thursday, June 25th. Finally, Stephens reaffirmed a "positive" rating and set a $69.00 price target on shares of Ovintiv in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Ovintiv currently has an average rating of "Moderate Buy" and an average price target of $66.89.

Ovintiv Stock Down 0.9%

Shares of NYSE OVV opened at $64.59 on Friday. 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 Inc. has a 12 month low of $35.47 and a 12 month high of $67.44. The firm has a market capitalization of $17.79 billion, a PE ratio of 18.25 and a beta of 0.53. The firm has a fifty day simple moving average of $59.32 and a two-hundred day simple moving average of $56.90.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $1.74 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 return on equity of 14.84% and a net margin of 9.43%. Equities analysts expect that Ovintiv Inc. will post 7.09 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 annualized dividend and a yield of 1.9%. Ovintiv's dividend payout ratio (DPR) is 33.90%.

Insider Buying and Selling

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were 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 directly owned 72,530 shares in the company, valued at $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.85% of the stock is owned by company insiders.

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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