Quantitative Investment Management LLC Makes New $400,000 Investment in Ovintiv Inc. $OVV

Quantitative Investment Management LLC bought a new position in shares of Ovintiv Inc. (NYSE:OVV) in the second quarter, Holdings Channel reports. The fund bought 7,603 shares of the company’s stock, valued at approximately $400,000.

Other institutional investors also recently modified their holdings of the company. Steph & Co. acquired a new position in shares of Ovintiv in the first quarter valued at about $29,000. Aberdeen Wealth Management LLC acquired a new stake in Ovintiv in the 2nd quarter worth about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Ovintiv in the 2nd quarter worth about $32,000. Root Financial Partners LLC boosted its holdings in Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after purchasing an additional 277 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in Ovintiv in the 4th quarter valued at about $46,000. Institutional investors own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on OVV shares. Morgan Stanley set a $67.00 target price on shares of Ovintiv in a research report on Wednesday, August 19th. UBS Group boosted their price target on Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Citigroup raised their price objective on Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Finally, Barclays upped their target price on Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.89.

Insiders Place Their Bets

In related news, EVP Rachel Maureen Moore sold 7,753 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the sale, the executive vice president directly owned 72,530 shares of the company’s stock, valued at $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.85% of the stock is owned by company insiders.

Ovintiv Stock Up 1.3%

Shares of OVV opened at $66.53 on Wednesday. Ovintiv Inc. has a one year low of $35.47 and a one year high of $67.44. The company has a market cap of $18.33 billion, a P/E ratio of 18.79 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a 50 day simple moving average of $59.77 and a two-hundred day simple moving average of $57.24.

Ovintiv (NYSE:OVV) last issued its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Research analysts forecast that Ovintiv Inc. will post 7.09 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.8%. The ex-dividend date 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.