Nomura Holdings Inc. Purchases New Stake in Ovintiv Inc. (NYSE:OVV)

Nomura Holdings Inc. purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 34,542 shares of the company’s stock, valued at approximately $1,399,000.

Several other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Ovintiv by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock valued at $1,193,272,000 after buying an additional 451,947 shares during the period. Dimensional Fund Advisors LP raised its position in Ovintiv by 14.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company’s stock valued at $225,265,000 after buying an additional 683,700 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Ovintiv by 1,732.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock valued at $137,134,000 after buying an additional 3,203,087 shares during the period. AQR Capital Management LLC raised its position in Ovintiv by 69.7% during the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company’s stock valued at $132,992,000 after buying an additional 1,348,221 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Ovintiv by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company’s stock valued at $118,530,000 after buying an additional 8,168 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on OVV. Barclays lowered their target price on Ovintiv from $59.00 to $53.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Wells Fargo & Company boosted their target price on Ovintiv from $45.00 to $46.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 22nd. Morgan Stanley restated an “overweight” rating and issued a $50.00 target price on shares of Ovintiv in a research note on Tuesday, April 15th. Scotiabank upgraded Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th. Finally, BMO Capital Markets upgraded Ovintiv from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $55.00 to $57.00 in a research note on Monday, March 24th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $55.65.

Ovintiv Stock Performance

OVV opened at $37.33 on Friday. The company has a market cap of $9.70 billion, a PE ratio of 4.95 and a beta of 1.14. The stock has a 50-day moving average of $37.02 and a 200-day moving average of $40.58. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $51.72. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.22. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. As a group, equities research analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 annualized dividend and a yield of 3.21%. Ovintiv’s payout ratio is 51.06%.

Ovintiv 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.