NewEdge Advisors LLC Purchases 61,651 Shares of Ovintiv Inc. $OVV

NewEdge Advisors LLC boosted its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 34,635.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 61,829 shares of the company’s stock after acquiring an additional 61,651 shares during the period. NewEdge Advisors LLC’s holdings in Ovintiv were worth $3,670,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Stifel Financial Corp boosted its stake in Ovintiv by 1.4% in the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock worth $749,000 after purchasing an additional 269 shares during the period. Root Financial Partners LLC boosted its position in Ovintiv by 43.2% during the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after purchasing an additional 277 shares during the last quarter. Deseret Mutual Benefit Administrators grew its stake in shares of Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after buying an additional 287 shares in the last quarter. Sanctuary Advisors LLC grew its position in shares of Ovintiv by 2.6% in the 1st quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company’s stock valued at $773,000 after acquiring an additional 324 shares during the period. Finally, Steward Partners Investment Advisory LLC grew its holdings in Ovintiv by 9.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company’s stock worth $163,000 after purchasing an additional 362 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on OVV shares. Citigroup lifted their price objective on shares of Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Scotiabank raised shares of Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday, May 20th. Morgan Stanley reduced their target price on Ovintiv from $68.00 to $65.00 and set an “equal weight” rating on the stock in a report on Monday, June 29th. Wall Street Zen upgraded shares of Ovintiv from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. Finally, National Bank Financial raised their target price on shares of Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.79.

Ovintiv Price Performance

Shares of OVV opened at $63.38 on Thursday. The business has a 50-day simple moving average of $57.12 and a two-hundred day simple moving average of $55.20. The stock has a market cap of $17.46 billion, a PE ratio of 17.90 and a beta of 0.53. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $64.61. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Analysts anticipate that Ovintiv Inc. will post 6.87 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors 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 annualized dividend and a yield of 1.9%. Ovintiv’s payout ratio is presently 33.90%.

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.