Royal Bank of Canada Purchases 202,818 Shares of Ovintiv Inc. $OVV

Royal Bank of Canada boosted its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 34.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 796,340 shares of the company’s stock after purchasing an additional 202,818 shares during the period. Royal Bank of Canada’s holdings in Ovintiv were worth $47,270,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Steph & Co. bought a new position in shares of Ovintiv in the 1st quarter valued at $29,000. Flagship Harbor Advisors LLC bought a new position in Ovintiv in the fourth quarter valued at about $38,000. Los Angeles Capital Management LLC bought a new position in Ovintiv in the fourth quarter valued at about $46,000. Deseret Mutual Benefit Administrators raised its stake in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after acquiring an additional 287 shares in the last quarter. Finally, Root Financial Partners LLC lifted its holdings in shares of Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after acquiring an additional 277 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on OVV. UBS Group lifted their price target on shares of Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Citigroup raised their target price on shares of Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday. Truist Financial reaffirmed a “buy” rating and set a $73.00 target price (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. Zacks Research downgraded shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Finally, Mizuho increased their price target on Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.89.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $62.40 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv Inc. has a twelve month low of $35.47 and a twelve month high of $64.61. The stock has a market cap of $17.19 billion, a price-to-earnings ratio of 17.63 and a beta of 0.53. The company’s fifty day moving average is $56.50 and its 200 day moving average is $54.00.

Ovintiv (NYSE:OVV) last announced 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). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Sell-side analysts forecast that Ovintiv Inc. will post 6.87 EPS for the current year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s payout ratio is currently 33.90%.

About Ovintiv

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.