Sterling Capital Management LLC Raises Stock Holdings in Ovintiv Inc. $OVV

Sterling Capital Management LLC boosted its position in shares of Ovintiv Inc. (NYSE:OVV) by 241.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 51,826 shares of the company’s stock after buying an additional 36,629 shares during the quarter. Sterling Capital Management LLC’s holdings in Ovintiv were worth $3,076,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in OVV. Aaron Wealth Advisors LLC bought a new stake in Ovintiv in the 1st quarter worth $208,000. Foster & Motley Inc. boosted its holdings in shares of Ovintiv by 21.2% during the first quarter. Foster & Motley Inc. now owns 38,330 shares of the company’s stock worth $2,275,000 after purchasing an additional 6,714 shares during the period. Louisiana State Employees Retirement System purchased a new stake in shares of Ovintiv during the first quarter worth about $4,778,000. Kestra Private Wealth Services LLC bought a new stake in shares of Ovintiv in the first quarter worth about $294,000. Finally, Fifth Third Wealth Advisors LLC increased its holdings in Ovintiv by 5.0% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 8,339 shares of the company’s stock valued at $495,000 after purchasing an additional 400 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

OVV has been the subject of several research analyst reports. Truist Financial dropped their price objective on Ovintiv from $72.00 to $70.00 and set a “buy” rating for the company in a report on Wednesday, May 13th. Scotiabank upgraded Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday, May 20th. Weiss Ratings lowered Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a research note on Tuesday, May 12th. National Bank Financial lifted their price target on shares of Ovintiv from $80.00 to $82.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Finally, Texas Capital raised shares of Ovintiv to a “strong-buy” rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and an average target price of $64.47.

Ovintiv Stock Down 0.2%

Shares of NYSE:OVV opened at $53.08 on Monday. The firm has a market capitalization of $14.92 billion, a P/E ratio of 17.12 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a 50 day moving average price of $56.99 and a 200-day moving average price of $50.78. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $63.46.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.15. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. As a group, equities research analysts anticipate that Ovintiv Inc. will post 8.07 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, June 15th. Ovintiv’s payout ratio is 38.71%.

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.