Ovintiv Inc. $OVV Position Boosted by KBC Group NV

KBC Group NV increased its position in Ovintiv Inc. (NYSE:OVV) by 17.5% in the second quarter, Holdings Channel reports. The firm owned 469,921 shares of the company’s stock after purchasing an additional 69,919 shares during the quarter. KBC Group NV’s holdings in Ovintiv were worth $17,880,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allworth Financial LP grew its position in shares of Ovintiv by 126.2% in the 2nd quarter. Allworth Financial LP now owns 1,624 shares of the company’s stock worth $62,000 after acquiring an additional 906 shares in the last quarter. ProShare Advisors LLC lifted its stake in Ovintiv by 3.8% during the second quarter. ProShare Advisors LLC now owns 11,518 shares of the company’s stock worth $438,000 after purchasing an additional 427 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in Ovintiv in the second quarter worth $3,365,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Ovintiv during the second quarter valued at $8,057,000. Finally, Paradigm Asset Management Co. LLC increased its stake in Ovintiv by 19.0% during the second quarter. Paradigm Asset Management Co. LLC now owns 5,000 shares of the company’s stock valued at $190,000 after purchasing an additional 800 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Trading Up 1.5%

Shares of OVV stock opened at $38.81 on Friday. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $47.18. The firm has a market capitalization of $9.83 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 1.89 and a beta of 1.00. The stock has a fifty day moving average of $39.31 and a two-hundred day moving average of $39.13. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $1.86 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. As a group, research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Monday, December 15th. Ovintiv’s payout ratio is 131.87%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. National Bankshares decreased their price target on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating for the company in a report on Wednesday, October 22nd. Roth Capital assumed coverage on shares of Ovintiv in a report on Monday, October 13th. They issued a “neutral” rating and a $42.00 target price on the stock. Royal Bank Of Canada set a $55.00 target price on Ovintiv and gave the company an “outperform” rating in a research note on Wednesday, October 15th. UBS Group increased their price target on Ovintiv from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Finally, Evercore ISI reissued an “outperform” rating and issued a $47.00 price target on shares of Ovintiv in a report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.71.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.