Ovintiv Inc. $OVV Stake Lifted by Swiss National Bank

Swiss National Bank boosted its stake in Ovintiv Inc. (NYSE:OVV) by 10.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 560,900 shares of the company’s stock after buying an additional 54,100 shares during the period. Swiss National Bank owned 0.20% of Ovintiv worth $33,295,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings 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 acquiring an additional 1,669,469 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Ovintiv by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock valued at $387,601,000 after purchasing an additional 203,256 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Ovintiv by 14.5% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock worth $264,281,000 after purchasing an additional 855,043 shares during the last quarter. Millennium Management LLC grew its position in Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in shares of Ovintiv by 13.5% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock valued at $214,060,000 after purchasing an additional 650,000 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

OVV has been the subject of several analyst reports. Stephens reduced their price objective on Ovintiv from $71.00 to $68.00 and set an “equal weight” rating for the company in a research report on Friday, July 17th. Truist Financial cut their target price on Ovintiv from $70.00 to $66.00 and set a “buy” rating on the stock in a research note on Monday, July 13th. Citigroup reduced their price target on Ovintiv from $70.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, July 17th. Weiss Ratings cut Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a research note on Tuesday, May 12th. Finally, Texas Capital raised Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $65.63.

Ovintiv Trading Up 1.5%

Ovintiv stock opened at $61.41 on Friday. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $63.46. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $17.26 billion, a PE ratio of 19.81 and a beta of 0.53. The firm has a 50 day simple moving average of $56.31 and a 200-day simple moving average of $53.03.

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). The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. As a group, equities research analysts expect that Ovintiv Inc. will post 7.08 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders 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 2.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s payout ratio is currently 38.71%.

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.