Canada Pension Plan Investment Board Takes $11.22 Million Position in Ovintiv Inc. $OVV

Canada Pension Plan Investment Board purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 213,100 shares of the company’s stock, valued at approximately $11,220,000.

Other hedge funds also recently modified their holdings of the company. Steph & Co. bought a new position in Ovintiv during the first quarter valued at $29,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Ovintiv during the second quarter worth $32,000. Aberdeen Wealth Management LLC bought a new position in Ovintiv in the 2nd quarter worth about $32,000. Los Angeles Capital Management LLC bought a new stake in Ovintiv during the 4th quarter worth approximately $46,000. Finally, Deseret Mutual Benefit Administrators increased its holdings 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 worth $52,000 after purchasing an additional 287 shares during the period. Institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

OVV has been the subject of a number of research reports. Barclays boosted their price target on shares of Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Truist Financial reaffirmed a “buy” rating and issued a $73.00 price target (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. 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 report on Tuesday, July 28th. National Bank Financial lifted their price target on shares of Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Finally, Texas Capital upgraded Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus target price of $66.89.

Insider Activity

In other news, EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the sale, the executive vice president owned 72,530 shares in the company, valued at $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.85% of the stock is currently owned by insiders.

Ovintiv Trading Down 0.9%

Shares of NYSE:OVV opened at $64.59 on Friday. The stock has a 50 day moving average of $59.32 and a 200 day moving average of $56.90. The company has a market cap of $17.79 billion, a PE ratio of 18.25 and a beta of 0.53. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $67.44.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. As a group, equities research analysts expect that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s dividend payout ratio (DPR) is 33.90%.

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.