Mackenzie Financial Corp Increases Holdings in Ovintiv Inc. (NYSE:OVV)

Mackenzie Financial Corp increased its position in Ovintiv Inc. (NYSE:OVV) by 128.3% during the second quarter, HoldingsChannel.com reports. The fund owned 360,148 shares of the company’s stock after acquiring an additional 202,406 shares during the quarter. Mackenzie Financial Corp’s holdings in Ovintiv were worth $16,880,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its position in shares of Ovintiv by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,374 shares of the company’s stock valued at $631,000 after buying an additional 1,416 shares in the last quarter. Trexquant Investment LP acquired a new stake in Ovintiv in the 4th quarter valued at about $305,000. TD Asset Management Inc increased its holdings in Ovintiv by 176.3% during the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock valued at $2,027,000 after acquiring an additional 29,449 shares in the last quarter. Allianz Asset Management GmbH raised its position in Ovintiv by 605.3% during the fourth quarter. Allianz Asset Management GmbH now owns 433,952 shares of the company’s stock worth $19,059,000 after acquiring an additional 372,427 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of Ovintiv by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 119,214 shares of the company’s stock valued at $5,236,000 after purchasing an additional 1,132 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

NYSE:OVV opened at $38.37 on Monday. The company has a market cap of $10.11 billion, a P/E ratio of 5.36, a P/E/G ratio of 7.23 and a beta of 2.62. The firm’s 50 day moving average is $42.11 and its two-hundred day moving average is $47.18. Ovintiv Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. Analysts expect that Ovintiv Inc. will post 5.26 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date was Friday, September 13th. Ovintiv’s payout ratio is currently 16.76%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Evercore ISI reissued an “outperform” rating and issued a $60.00 price target on shares of Ovintiv in a report on Wednesday, July 10th. TD Cowen upped their price objective on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Morgan Stanley dropped their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Finally, Truist Financial upped their target price on shares of Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average price target of $59.83.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.