Ovintiv Inc. $OVV Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its stake in shares of Ovintiv Inc. (NYSE:OVV) by 4.2% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 213,510 shares of the company’s stock after acquiring an additional 8,585 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Ovintiv were worth $12,674,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Steph & Co. acquired a new stake in shares of Ovintiv during the first quarter valued at $29,000. Flagship Harbor Advisors LLC acquired a new position in Ovintiv in the 4th quarter valued at about $38,000. Los Angeles Capital Management LLC acquired a new position in Ovintiv in the 4th quarter valued at about $46,000. Deseret Mutual Benefit Administrators lifted its holdings in Ovintiv by 27.6% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after purchasing an additional 287 shares in the last quarter. Finally, Root Financial Partners LLC lifted its holdings in Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after purchasing an additional 277 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on OVV shares. National Bank Financial raised their price target on shares of Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Truist Financial reissued a “buy” rating and issued a $73.00 price objective (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. Morgan Stanley reduced their price objective on shares of Ovintiv from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday, June 29th. Scotiabank upgraded shares of Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Finally, Wall Street Zen raised shares of Ovintiv from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $66.89.

Ovintiv Trading Down 0.1%

NYSE OVV opened at $62.40 on Monday. The company has a market cap of $17.19 billion, a P/E ratio of 17.63 and a beta of 0.53. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $64.61. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The company has a 50-day moving average of $56.50 and a 200-day moving average of $54.00.

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

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio (DPR) is 33.90%.

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.