Cibc World Market Inc. Invests $7.56 Million in Ovintiv Inc. $OVV

Cibc World Market Inc. bought a new stake in Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 143,609 shares of the company’s stock, valued at approximately $7,561,000.

A number of other large investors have also recently made changes to their positions in OVV. BlackRock Inc. acquired a new position in Ovintiv during the second quarter worth approximately $1,422,959,000. Dimensional Fund Advisors LP boosted its holdings in shares of Ovintiv by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after acquiring an additional 1,669,469 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Ovintiv by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after acquiring an additional 203,256 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Ovintiv by 16.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock worth $467,874,000 after acquiring an additional 1,137,162 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after acquiring an additional 3,060,691 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on OVV shares. Wall Street Zen upgraded shares of Ovintiv from a “hold” rating to a “buy” rating in a research report on Saturday, July 25th. Roth Capital raised their price objective 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. Stephens restated a “positive” rating and issued a $69.00 price objective on shares of Ovintiv in a research note on Friday, July 24th. Mizuho upped their target price on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Finally, Truist Financial reiterated a “buy” rating and set a $73.00 target price (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $66.89.

Insider Activity at Ovintiv

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.85% of the company’s stock.

Ovintiv Trading Down 2.2%

NYSE:OVV opened at $64.47 on Wednesday. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $67.44. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The stock’s 50 day simple moving average is $58.59 and its 200-day simple moving average is $56.58. The firm has a market cap of $17.76 billion, a P/E ratio of 18.21 and a beta of 0.53.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results 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 company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Equities analysts anticipate that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders 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 dividend on an annualized basis and a yield of 1.9%. Ovintiv’s dividend 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.