XTX Topco Ltd Makes New Investment in Ovintiv Inc. (NYSE:OVV)

Key Points

• XTX Topco Ltd purchased 37,230 shares of Ovintiv Inc., valued at approximately $1,593,000, marking a new investment in the company.
• Multiple institutional investors, including Federated Hermes Inc. and Mackenzie Financial Corp, have increased their stakes in Ovintiv, indicating strong interest among large investors.
• Analysts have mostly rated Ovintiv positively, with a consensus rating of "Buy" and an average price target of $53.94, while the stock currently trades around $41.20.

XTX Topco Ltd bought a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 37,230 shares of the company's stock, valued at approximately $1,593,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Federated Hermes Inc. grew its stake in shares of Ovintiv by 11.7% in the first quarter. Federated Hermes Inc. now owns 184,095 shares of the company's stock valued at $7,879,000 after buying an additional 19,299 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Ovintiv by 4.8% in the first quarter. Mackenzie Financial Corp now owns 572,645 shares of the company's stock valued at $24,509,000 after buying an additional 26,195 shares in the last quarter. Carrera Capital Advisors acquired a new stake in shares of Ovintiv in the first quarter valued at $1,428,000. LPL Financial LLC grew its stake in shares of Ovintiv by 13.3% in the first quarter. LPL Financial LLC now owns 101,389 shares of the company's stock valued at $4,339,000 after buying an additional 11,897 shares in the last quarter. Finally, HB Wealth Management LLC acquired a new stake in shares of Ovintiv in the first quarter valued at $241,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on OVV. TD Cowen raised Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Barclays lifted their price objective on Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Scotiabank lifted their price objective on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research note on Friday, July 11th. The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $47.00 to $51.00 in a research note on Tuesday, July 1st. Finally, Wells Fargo & Company lowered their target price on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research note on Monday, June 16th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Ovintiv currently has a consensus rating of "Buy" and an average price target of $53.94.

Ovintiv Trading Down 2.5%

NYSE:OVV opened at $41.20 on Friday. The stock has a 50-day simple moving average of $39.53 and a 200-day simple moving average of $39.60. The stock has a market cap of $10.59 billion, a P/E ratio of 18.23, a P/E/G ratio of 5.11 and a beta of 1.08. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $48.35. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43.

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

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, September 15th. Ovintiv's payout ratio is currently 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.

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