Axa S.A. Makes New Investment in Ovintiv Inc. (NYSE:OVV)

Axa S.A. acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 13,896 shares of the company’s stock, valued at approximately $651,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of OVV. Balyasny Asset Management L.P. increased its stake in Ovintiv by 1,560.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock valued at $63,738,000 after purchasing an additional 1,363,865 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Ovintiv by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after acquiring an additional 1,024,931 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its position in Ovintiv by 2,602.0% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 715,158 shares of the company’s stock valued at $31,410,000 after acquiring an additional 688,690 shares in the last quarter. SIR Capital Management L.P. acquired a new position in Ovintiv during the 2nd quarter valued at about $22,732,000. Finally, SG Americas Securities LLC increased its holdings in Ovintiv by 6,830.6% during the 1st quarter. SG Americas Securities LLC now owns 411,054 shares of the company’s stock worth $21,334,000 after purchasing an additional 405,123 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Analyst Ratings Changes

OVV has been the subject of a number of analyst reports. Wolfe Research began coverage on Ovintiv in a research report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price target for the company. UBS Group lowered their target price on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Bank of America restated a “neutral” rating and set a $55.00 price target on shares of Ovintiv in a report on Friday, June 14th. Scotiabank upped their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research report on Friday, July 12th. Finally, Wells Fargo & Company dropped their target price on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $58.17.

Ovintiv Stock Performance

NYSE OVV opened at $40.34 on Wednesday. The company’s 50 day moving average is $41.82 and its 200-day moving average is $47.02. The firm has a market cap of $10.63 billion, a P/E ratio of 5.63, a price-to-earnings-growth ratio of 7.23 and a beta of 2.62. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month 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 posted its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.02. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Sell-side analysts predict that Ovintiv Inc. will post 5.26 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders 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 yield of 2.97%. The ex-dividend date was Friday, September 13th. Ovintiv’s payout ratio is presently 16.76%.

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.