Harvest Portfolios Group Inc. raised its holdings in shares of Ovintiv Inc. (NYSE:OVV – Free Report) by 0.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,546 shares of the company’s stock after purchasing an additional 322 shares during the period. Harvest Portfolios Group Inc.’s holdings in Ovintiv were worth $1,246,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Y Intercept Hong Kong Ltd acquired a new position in shares of Ovintiv in the 1st quarter valued at $569,000. SailingStone Capital Partners LLC purchased a new stake in shares of Ovintiv during the 4th quarter worth about $822,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Ovintiv during the 4th quarter worth about $344,000. O Shaughnessy Asset Management LLC lifted its stake in Ovintiv by 6.5% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 112,598 shares of the company’s stock valued at $5,710,000 after buying an additional 6,872 shares in the last quarter. Finally, UBS Group AG lifted its stake in Ovintiv by 88.6% in the 4th quarter. UBS Group AG now owns 515,120 shares of the company’s stock valued at $26,122,000 after buying an additional 241,924 shares in the last quarter. 98.30% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Ovintiv
In related news, Director Steven W. Nance sold 1,201 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $48.65, for a total transaction of $58,428.65. Following the completion of the sale, the director now directly owns 20,929 shares of the company’s stock, valued at approximately $1,018,195.85. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.70% of the company’s stock.
Ovintiv Price Performance
Ovintiv (NYSE:OVV – Get Free Report) last released its quarterly earnings data on Thursday, July 27th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.02. The company had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.11 billion. Ovintiv had a net margin of 28.27% and a return on equity of 16.27%. As a group, analysts predict that Ovintiv Inc. will post 6.38 EPS for the current year.
Ovintiv Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, 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 2.50%. The ex-dividend date of this dividend is Thursday, September 14th. Ovintiv’s payout ratio is 9.06%.
Wall Street Analysts Forecast Growth
OVV has been the topic of a number of research reports. Citigroup raised their price target on shares of Ovintiv from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Tuesday, August 1st. Truist Financial raised their price target on shares of Ovintiv from $52.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, July 31st. Royal Bank of Canada lifted their target price on shares of Ovintiv from $46.00 to $47.00 and gave the company a “sector perform” rating in a report on Monday, July 31st. Morgan Stanley lifted their target price on shares of Ovintiv from $44.00 to $46.00 and gave the company an “equal weight” rating in a report on Friday, August 18th. Finally, UBS Group lifted their target price on shares of Ovintiv from $47.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, August 17th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.47.
Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.
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