Hsbc Holdings PLC Purchases New Shares in Ovintiv Inc. $OVV

Hsbc Holdings PLC purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 128,462 shares of the company’s stock, valued at approximately $6,805,000.

A number of other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Ovintiv in the 2nd quarter valued at about $1,422,959,000. Dimensional Fund Advisors LP boosted its stake in shares of Ovintiv by 17.8% in the 4th 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 last quarter. Charles Schwab Investment Management Inc. grew its holdings 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 valued at $387,601,000 after acquiring an additional 203,256 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Ovintiv by 16.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock valued at $467,874,000 after acquiring an additional 1,137,162 shares in the last quarter. Finally, Millennium Management LLC increased its position in shares of Ovintiv by 116.3% during the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after acquiring an additional 3,060,691 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on OVV. Morgan Stanley set a $67.00 price target on Ovintiv in a report on Wednesday, August 19th. Scotiabank upgraded Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th. Wall Street Zen raised Ovintiv from a “hold” rating to a “buy” rating in a research report on Saturday, July 25th. Citigroup lifted their target price on Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Finally, Weiss Ratings raised shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.89.

Insider Activity at Ovintiv

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the transaction, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.85% of the stock is owned by corporate insiders.

Ovintiv Trading Down 0.9%

Shares of OVV stock opened at $64.59 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The firm has a market cap of $17.79 billion, a P/E ratio of 18.25 and a beta of 0.53. The company has a 50 day moving average of $59.32 and a 200-day moving average of $56.90. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $67.44.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data 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 net margin of 9.43% and a return on equity of 14.84%. The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Sell-side analysts anticipate that Ovintiv Inc. will post 7.09 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.30 per share. 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 dividend payout ratio is currently 33.90%.

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.