Ovintiv Inc. $OVV Position Boosted by Swiss National Bank

Swiss National Bank lifted its holdings in Ovintiv Inc. (NYSE:OVV) by 10.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 560,900 shares of the company’s stock after purchasing an additional 54,100 shares during the period. Swiss National Bank’s holdings in Ovintiv were worth $33,295,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BCS Private Wealth Management Inc. bought a new stake in shares of Ovintiv in the 4th quarter worth $976,000. UBS Group AG boosted its stake in Ovintiv by 8.3% during the fourth quarter. UBS Group AG now owns 997,177 shares of the company’s stock valued at $39,079,000 after buying an additional 76,846 shares in the last quarter. TrueMark Investments LLC bought a new stake in Ovintiv in the fourth quarter worth about $889,000. Hillsdale Investment Management Inc. raised its position in Ovintiv by 317.3% in the fourth quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company’s stock worth $7,373,000 after acquiring an additional 142,800 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in Ovintiv in the 4th quarter valued at about $5,045,000. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Up 1.5%

OVV stock opened at $61.41 on Friday. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $63.46. The company’s 50 day simple moving average is $56.31 and its 200-day simple moving average is $53.03. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market capitalization of $17.26 billion, a P/E ratio of 19.81 and a beta of 0.53.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a return on equity of 13.14% and a net margin of 8.51%.The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. As a group, equities research analysts anticipate that Ovintiv Inc. will post 7.08 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. Ovintiv’s dividend payout ratio is presently 38.71%.

Wall Street Analysts Forecast Growth

OVV has been the subject of several research reports. Texas Capital upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Thursday, June 25th. Barclays increased their target price on shares of Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Zacks Research cut shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Roth Capital lifted their price target on shares of Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 24th. Finally, UBS Group dropped their price target on Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and a consensus price target of $65.63.

Ovintiv Company 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.