Union Bancaire Privee UBP SA Acquires New Position in Ovintiv Inc. $OVV

Union Bancaire Privee UBP SA bought a new position in Ovintiv Inc. (NYSE:OVV) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 53,181 shares of the company’s stock, valued at approximately $3,190,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC grew its position in Ovintiv by 263.8% during the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after acquiring an additional 3,589,030 shares during the last quarter. Millennium Management LLC raised its stake in shares of Ovintiv by 116.3% during the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after acquiring an additional 3,060,691 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Ovintiv by 25.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock worth $379,165,000 after acquiring an additional 1,927,193 shares during the last quarter. Goldentree Asset Management LP bought a new stake in shares of Ovintiv in the 4th quarter worth approximately $61,528,000. Finally, Freestone Grove Partners LP boosted its stake in shares of Ovintiv by 79.9% in the 4th quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company’s stock valued at $120,506,000 after purchasing an additional 1,365,535 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Down 0.9%

Shares of Ovintiv stock opened at $53.08 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $63.46. The stock has a market capitalization of $14.92 billion, a price-to-earnings ratio of 17.12 and a beta of 0.53. The company’s 50 day moving average price is $56.99 and its 200-day moving average price is $50.71.

Ovintiv (NYSE:OVV) last issued its earnings results on Monday, May 11th. The company reported $2.00 EPS for the quarter, topping the consensus estimate of $1.85 by $0.15. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.38 billion. Equities research analysts forecast that Ovintiv Inc. will post 8.07 EPS for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.30 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.3%. Ovintiv’s payout ratio is presently 38.71%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on OVV shares. Wall Street Zen raised shares of Ovintiv from a “hold” rating to a “buy” rating in a report on Monday, June 22nd. Morgan Stanley initiated coverage on shares of Ovintiv in a research note on Friday, March 27th. They issued an “equal weight” rating and a $68.00 price target for the company. Wells Fargo & Company upgraded shares of Ovintiv from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $57.00 to $80.00 in a research report on Monday, June 22nd. Mizuho raised their price objective on Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, The Goldman Sachs Group lifted their price objective on Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $64.47.

Ovintiv Company 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.