BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Acquires 20,543 Shares of Ovintiv Inc. (NYSE:OVV)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Ovintiv Inc. (NYSE:OVV) by 66.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 51,496 shares of the company’s stock after buying an additional 20,543 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Ovintiv were worth $2,414,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in OVV. Sagefield Capital LP boosted its holdings in Ovintiv by 27.7% during the second quarter. Sagefield Capital LP now owns 432,964 shares of the company’s stock worth $20,293,000 after purchasing an additional 93,964 shares during the last quarter. Interval Partners LP bought a new position in Ovintiv during the second quarter worth about $8,320,000. Bank of Montreal Can raised its holdings in Ovintiv by 31.3% during the 2nd quarter. Bank of Montreal Can now owns 208,126 shares of the company’s stock valued at $9,782,000 after acquiring an additional 49,642 shares during the period. Magnetar Financial LLC purchased a new stake in shares of Ovintiv in the second quarter worth about $5,322,000. Finally, 1832 Asset Management L.P. boosted its holdings in Ovintiv by 7.2% in the 2nd quarter. 1832 Asset Management L.P. now owns 49,450 shares of the company’s stock valued at $2,318,000 after purchasing an additional 3,305 shares during the period. Institutional investors own 83.81% of the company’s stock.

Analyst Ratings Changes

OVV has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their price objective on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Scotiabank boosted their price target on shares of Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Friday, July 12th. JPMorgan Chase & Co. lowered their price objective on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Truist Financial boosted their target price on Ovintiv from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Evercore ISI reissued an “outperform” rating and set a $60.00 price target on shares of Ovintiv in a research report on Wednesday, July 10th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and an average price target of $59.83.

Ovintiv Trading Up 3.7 %

Ovintiv stock opened at $38.37 on Friday. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95. The firm’s 50 day moving average price is $42.11 and its 200-day moving average price is $47.21. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The stock has a market cap of $10.11 billion, a P/E ratio of 5.36, a PEG ratio of 7.23 and a beta of 2.62.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.53 billion. On average, equities analysts predict that Ovintiv Inc. will post 5.26 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

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

About Ovintiv

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.