Man Group plc Buys Shares of 17,771 Ovintiv Inc. $OVV

Man Group plc purchased a new stake in Ovintiv Inc. (NYSE:OVV) during the second quarter, HoldingsChannel.com reports. The firm purchased 17,771 shares of the company’s stock, valued at approximately $936,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Ovintiv during the second quarter worth $1,422,959,000. Dimensional Fund Advisors LP lifted its stake in Ovintiv by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after buying an additional 1,669,469 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Ovintiv by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after buying an additional 203,256 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Ovintiv by 16.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock worth $467,874,000 after buying an additional 1,137,162 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after buying an additional 3,060,691 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on OVV. Barclays upped their price target on Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Truist Financial restated a “buy” rating and set a $73.00 price objective (up from $66.00) on shares of Ovintiv in a report on Monday, July 27th. National Bank Financial upped their target price on shares of Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Weiss Ratings upgraded shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Finally, Roth Capital lifted their price target on shares of Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $66.95.

Ovintiv Stock Performance

Shares of OVV stock opened at $65.92 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $18.16 billion, a P/E ratio of 18.62 and a beta of 0.53. The company’s 50 day moving average price is $60.30 and its two-hundred day moving average price is $57.52. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $67.51.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). The company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. On average, analysts expect that Ovintiv Inc. will post 7.09 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s payout ratio is currently 33.90%.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the transaction, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.85% of the company’s stock.

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.