Encore Global Management LP Invests $831,000 in Ovintiv Inc. $OVV

Encore Global Management LP purchased a new position in Ovintiv Inc. (NYSE:OVV) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 14,000 shares of the company’s stock, valued at approximately $831,000.

Other institutional investors have also bought and sold shares of the company. California State Teachers Retirement System increased its position in Ovintiv by 34.7% in the first quarter. California State Teachers Retirement System now owns 327,590 shares of the company’s stock worth $19,446,000 after buying an additional 84,432 shares during the last quarter. Royal Bank of Canada raised its stake in shares of Ovintiv by 34.2% in the first quarter. Royal Bank of Canada now owns 796,340 shares of the company’s stock valued at $47,270,000 after buying an additional 202,818 shares during the period. Empowered Funds LLC raised its stake in shares of Ovintiv by 7.7% in the first quarter. Empowered Funds LLC now owns 95,614 shares of the company’s stock valued at $5,676,000 after buying an additional 6,852 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Ovintiv by 4.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 213,510 shares of the company’s stock valued at $12,674,000 after buying an additional 8,585 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of Ovintiv by 222.1% during the 1st quarter. Quantinno Capital Management LP now owns 259,040 shares of the company’s stock valued at $15,377,000 after buying an additional 178,621 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of NYSE OVV opened at $59.25 on Wednesday. The stock has a market cap of $16.32 billion, a PE ratio of 16.74 and a beta of 0.53. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $64.61. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a fifty day moving average of $56.34 and a 200-day moving average of $53.52.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The company had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Equities research analysts anticipate that Ovintiv Inc. will post 7.1 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. Ovintiv’s dividend payout ratio is currently 33.90%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on OVV. Citigroup decreased their price objective on Ovintiv from $70.00 to $66.00 and set a “buy” rating for the company in a report on Friday, July 17th. Weiss Ratings downgraded shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a report on Tuesday, May 12th. UBS Group increased their target price on shares of Ovintiv from $71.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday. Royal Bank Of Canada lifted their target price on shares of Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Zacks Research lowered shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.79.

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.