Miller Howard Investments Inc. NY Raises Stake in Ovintiv Inc. $OVV

Miller Howard Investments Inc. NY lifted its stake in Ovintiv Inc. (NYSE:OVV) by 107.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,227 shares of the company’s stock after purchasing an additional 20,317 shares during the period. Miller Howard Investments Inc. NY’s holdings in Ovintiv were worth $2,329,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Steph & Co. purchased a new stake in Ovintiv in the 1st quarter valued at about $29,000. Foster Dykema Cabot & Partners LLC purchased a new position in shares of Ovintiv during the third quarter worth approximately $36,000. Flagship Harbor Advisors LLC purchased a new position in shares of Ovintiv during the fourth quarter worth approximately $38,000. Los Angeles Capital Management LLC bought a new stake in shares of Ovintiv during the fourth quarter valued at approximately $46,000. Finally, Deseret Mutual Benefit Administrators raised its stake in shares of Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after acquiring an additional 287 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

OVV has been the subject of a number of research reports. Zacks Research lowered Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. JPMorgan Chase & Co. started coverage on Ovintiv in a research report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 target price for the company. Bank of America upped their target price on Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. National Bank Financial increased their price target on Ovintiv from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Finally, Wall Street Zen raised Ovintiv from a “hold” rating to a “buy” rating in a research report on Monday. Fifteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $64.47.

Ovintiv Price Performance

NYSE OVV opened at $55.02 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. The firm’s 50 day moving average price is $57.12 and its 200-day moving average price is $50.54. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $63.46. The company has a market cap of $15.46 billion, a PE ratio of 17.75 and a beta of 0.53.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.15. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. Sell-side analysts forecast that Ovintiv Inc. will post 8.17 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.30 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.2%. Ovintiv’s dividend payout ratio (DPR) is currently 38.71%.

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.