KBC Group NV Increases Position in Ovintiv Inc. $OVV

KBC Group NV boosted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 17.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 469,921 shares of the company’s stock after buying an additional 69,919 shares during the quarter. KBC Group NV owned 0.18% of Ovintiv worth $17,880,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Ovintiv by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company’s stock valued at $1,302,113,000 after purchasing an additional 959,711 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Ovintiv by 383.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company’s stock worth $396,267,000 after buying an additional 7,344,796 shares during the period. Hotchkis & Wiley Capital Management LLC raised its position in shares of Ovintiv by 3.5% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 8,437,152 shares of the company’s stock worth $361,110,000 after buying an additional 284,656 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Ovintiv by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 5,708,987 shares of the company’s stock valued at $244,338,000 after acquiring an additional 146,749 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in Ovintiv by 69.7% during the first quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company’s stock valued at $238,513,000 after acquiring an additional 2,288,989 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Performance

NYSE:OVV opened at $38.81 on Friday. The firm has a 50-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 current ratio of 0.43 and a quick ratio of 0.43. The stock has a market cap of $9.83 billion, a P/E ratio of 17.17, a PEG ratio of 1.89 and a beta of 1.00. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $47.18.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.97 by $0.06. The business had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. On average, research analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Ovintiv from $50.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, October 3rd. Morgan Stanley reduced their price target on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 14th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ovintiv in a research note on Tuesday. Wells Fargo & Company cut their target price on shares of Ovintiv from $46.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Friday, October 17th. Finally, Royal Bank Of Canada set a $55.00 target price on shares of Ovintiv and gave the company an “outperform” rating in a report on Wednesday, October 15th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus target price 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.