J. Goldman & Co LP Invests $495,000 in Ovintiv Inc. $OVV

J. Goldman & Co LP bought a new stake in Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 9,400 shares of the company’s stock, valued at approximately $495,000.

Several other hedge funds have also made changes to their positions in OVV. Hsbc Holdings PLC purchased a new position in Ovintiv in the second quarter worth approximately $6,805,000. Canada Pension Plan Investment Board purchased a new position in Ovintiv during the 2nd quarter valued at about $11,220,000. SIR Capital Management L.P. acquired a new position in shares of Ovintiv in the second quarter valued at approximately $37,718,000. Legal & General Group Plc acquired a new position in shares of Ovintiv in the second quarter worth $24,061,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Ovintiv during the 2nd quarter worth $12,375,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on OVV shares. Wall Street Zen raised Ovintiv from a “hold” rating to a “buy” rating in a research report on Saturday, July 25th. Roth Capital boosted their price objective on Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 24th. Zacks Research lowered shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Weiss Ratings raised shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Finally, Citigroup raised their target price on shares of Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. One 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, Ovintiv has a consensus rating of “Moderate Buy” and an average target price of $66.89.

Insider Activity at Ovintiv

In related news, EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the sale, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. This trade represents a 9.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.85% of the stock is owned by company insiders.

Ovintiv Stock Performance

Shares of OVV opened at $64.48 on Thursday. The stock has a 50 day moving average price of $58.81 and a 200 day moving average price of $56.72. 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 company has a market capitalization of $17.76 billion, a price-to-earnings ratio of 18.21 and a beta of 0.53. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $67.44.

Ovintiv (NYSE:OVV) last released its quarterly earnings data 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). The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. Research analysts predict that Ovintiv Inc. will post 7.09 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given 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 dividend payout ratio (DPR) is 33.90%.

Ovintiv 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.