Miller Howard Investments Inc. NY Raises Position in Ovintiv Inc. $OVV

Miller Howard Investments Inc. NY increased its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 107.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 39,227 shares of the company’s stock after purchasing an additional 20,317 shares during the period. Miller Howard Investments Inc. NY’s holdings in Ovintiv were worth $2,329,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Cidel Asset Management Inc. boosted its holdings in Ovintiv by 22.7% in the first quarter. Cidel Asset Management Inc. now owns 8,307 shares of the company’s stock worth $493,000 after acquiring an additional 1,538 shares in the last quarter. Steph & Co. acquired a new position in shares of Ovintiv during the first quarter valued at about $29,000. SG Americas Securities LLC increased its holdings in shares of Ovintiv by 109.2% during the first quarter. SG Americas Securities LLC now owns 202,278 shares of the company’s stock valued at $12,007,000 after acquiring an additional 105,591 shares in the last quarter. Baron Wealth Management LLC purchased a new position in shares of Ovintiv in the 1st quarter valued at approximately $309,000. Finally, Rockefeller Capital Management L.P. raised its position in shares of Ovintiv by 203.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 4,352 shares of the company’s stock valued at $171,000 after purchasing an additional 2,917 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Trading Up 0.7%

Ovintiv stock opened at $55.02 on Wednesday. The stock has a 50-day moving average price of $57.12 and a 200 day moving average price of $50.54. The company has a market capitalization of $15.46 billion, a price-to-earnings ratio of 17.75 and a beta of 0.53. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $63.46. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.15. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.38 billion. Sell-side analysts anticipate that Ovintiv Inc. will post 8.17 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Monday, June 15th. Ovintiv’s dividend payout ratio is 38.71%.

Analyst Ratings Changes

Several research firms have weighed in on OVV. Zacks Research downgraded shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Morgan Stanley began coverage on shares of Ovintiv in a report on Friday, March 27th. They issued an “equal weight” rating and a $68.00 price target for the company. National Bank Financial lifted their price objective on shares of Ovintiv from $80.00 to $82.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Wall Street Zen raised shares of Ovintiv from a “hold” rating to a “buy” rating in a report on Monday. Finally, Citigroup reissued a “neutral” rating and set a $62.00 price objective (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Fifteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $64.47.

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.