Janus Henderson Group PLC Increases Position in Ovintiv Inc. $OVV

Janus Henderson Group PLC boosted its position in Ovintiv Inc. (NYSE:OVV) by 9.2% during the first quarter, Holdings Channel reports. The fund owned 124,783 shares of the company’s stock after acquiring an additional 10,500 shares during the period. Janus Henderson Group PLC’s holdings in Ovintiv were worth $7,409,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in OVV. Steph & Co. purchased a new position in shares of Ovintiv in the 1st quarter worth about $29,000. Root Financial Partners LLC raised its holdings in shares of Ovintiv by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after buying an additional 277 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in shares of Ovintiv during the 4th quarter valued at about $38,000. Los Angeles Capital Management LLC bought a new stake in Ovintiv in the 4th quarter worth approximately $46,000. Finally, Deseret Mutual Benefit Administrators lifted its position in Ovintiv by 27.6% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after buying an additional 287 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Down 4.8%

NYSE:OVV opened at $57.85 on Thursday. The firm has a market capitalization of $15.94 billion, a P/E ratio of 16.34 and a beta of 0.53. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The company has a fifty day moving average of $56.69 and a 200 day moving average of $54.43. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $64.61.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. On average, research analysts predict that Ovintiv Inc. will post 6.87 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.1%. Ovintiv’s dividend payout ratio (DPR) is presently 33.90%.

Analyst Ratings Changes

A number of research analysts have commented on OVV shares. Weiss Ratings upgraded shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Scotiabank upgraded shares of Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday, May 20th. Royal Bank Of Canada upped their price objective on shares of Ovintiv from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Truist Financial reiterated a “buy” rating and issued a $73.00 target price (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. Finally, Stephens reissued a “positive” rating and issued a $69.00 price target on shares of Ovintiv in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.89.

Ovintiv 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.