Sterling Capital Management LLC Boosts Stock Position in Ovintiv Inc. $OVV

Sterling Capital Management LLC increased its stake in shares of Ovintiv Inc. (NYSE:OVV) by 241.0% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 51,826 shares of the company’s stock after purchasing an additional 36,629 shares during the period. Sterling Capital Management LLC’s holdings in Ovintiv were worth $3,076,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in shares of 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 acquiring an additional 1,669,469 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Ovintiv by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after acquiring an additional 203,256 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Ovintiv by 14.5% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock worth $264,281,000 after purchasing an additional 855,043 shares in the last quarter. Millennium Management LLC boosted its holdings in Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after purchasing an additional 3,060,691 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in Ovintiv by 13.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock valued at $214,060,000 after purchasing an additional 650,000 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

OVV stock opened at $53.08 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market cap of $14.92 billion, a P/E ratio of 17.12 and a beta of 0.53. The firm’s fifty day moving average is $56.99 and its 200 day moving average is $50.78. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $63.46.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.15. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. Research analysts predict that Ovintiv Inc. will post 8.07 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.3%. The ex-dividend date is Monday, June 15th. Ovintiv’s dividend payout ratio (DPR) is presently 38.71%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on OVV shares. Mizuho upped their price target on shares of Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Roth Mkm lifted their price objective on Ovintiv from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Wednesday, June 24th. Truist Financial reduced their target price on Ovintiv from $72.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, May 13th. Morgan Stanley began coverage on Ovintiv in a research note on Friday, March 27th. They issued an “equal weight” rating and a $68.00 target price on the stock. Finally, UBS Group dropped their price target on Ovintiv from $76.00 to $75.00 and set a “buy” rating for the company in a research report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Ovintiv 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.