Ovintiv Inc. (NYSE:OVV) Position Boosted by Westpac Banking Corp

Key Points

• Westpac Banking Corp increased its shares in Ovintiv Inc. by 58.1% during the first quarter, owning 49,609 shares valued at $2,123,000.
• Several institutional investors have significantly raised their positions in Ovintiv, with Charles Schwab Investment Management increasing its holdings by 383.8% to nearly 9.3 million shares worth $396 million.
• Ovintiv announced a $0.30 per share quarterly dividend to be paid on September 29, 2023, reflecting a 3.0% yield based on an annualized payout of $1.20.

Westpac Banking Corp raised its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 58.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,609 shares of the company's stock after purchasing an additional 18,240 shares during the quarter. Westpac Banking Corp's holdings in Ovintiv were worth $2,123,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in OVV. Charles Schwab Investment Management Inc. boosted its stake in Ovintiv by 383.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock worth $396,267,000 after buying an additional 7,344,796 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Ovintiv by 1,577.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock worth $99,587,000 after buying an additional 2,312,292 shares during the last quarter. Alyeska Investment Group L.P. boosted its stake in Ovintiv by 243.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock worth $103,870,000 after buying an additional 1,818,337 shares during the last quarter. AQR Capital Management LLC boosted its stake in Ovintiv by 69.7% in the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock worth $132,992,000 after buying an additional 1,348,221 shares during the last quarter. Finally, Webs Creek Capital Management LP acquired a new stake in shares of Ovintiv during the 4th quarter worth $54,086,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Up 0.9%

NYSE OVV traded up $0.37 during trading hours on Thursday, hitting $39.87. The company had a trading volume of 1,964,174 shares, compared to its average volume of 3,514,941. 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's 50 day moving average is $40.11 and its 200 day moving average is $39.20. The company has a market capitalization of $10.25 billion, a price-to-earnings ratio of 17.64, a P/E/G ratio of 4.78 and a beta of 1.10. 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 posted its quarterly earnings data 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 firm had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. Sell-side analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's dividend payout ratio is presently 53.10%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on OVV shares. TD Cowen upgraded Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Barclays upped their price objective on Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Citigroup set a $54.00 price objective on Ovintiv and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Scotiabank upped their price objective on Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a report on Friday, July 11th. Finally, Mizuho dropped their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $53.47.

Ovintiv Company 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.