Oppenheimer Asset Management Inc. Invests $857,000 in Ovintiv Inc. $OVV

Oppenheimer Asset Management Inc. purchased a new position in Ovintiv Inc. (NYSE:OVV) during the second quarter, HoldingsChannel reports. The fund purchased 16,280 shares of the company’s stock, valued at approximately $857,000.

Several other hedge funds have also recently bought and sold shares of OVV. Stifel Financial Corp raised its holdings in Ovintiv by 1.4% during the fourth quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock worth $749,000 after purchasing an additional 269 shares during the last quarter. CX Institutional grew its holdings in Ovintiv by 1.0% in the second quarter. CX Institutional now owns 28,363 shares of the company’s stock valued at $1,493,000 after purchasing an additional 276 shares during the last quarter. Root Financial Partners LLC grew its holdings in Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after purchasing an additional 277 shares during the last quarter. Deseret Mutual Benefit Administrators grew its holdings in Ovintiv by 27.6% in the fourth 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 during the last quarter. Finally, Sanctuary Advisors LLC increased its position in shares of Ovintiv by 2.6% in the first quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company’s stock valued at $773,000 after buying an additional 324 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

NYSE OVV opened at $63.81 on Tuesday. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $64.61. The stock has a market cap of $17.58 billion, a price-to-earnings ratio of 18.03 and a beta of 0.53. The business has a fifty day moving average of $57.43 and a 200-day moving average of $55.65. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data 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). The company had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. As a group, analysts predict that Ovintiv Inc. will post 6.83 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 1.9%. Ovintiv’s payout ratio is presently 33.90%.

Analyst Ratings Changes

Several research firms have recently issued reports on OVV. Morgan Stanley cut their price target on Ovintiv from $68.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, June 29th. Scotiabank upgraded shares of Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday, May 20th. Royal Bank Of Canada lifted their target price on shares of Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Weiss Ratings upgraded shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Finally, National Bank Financial upped their price target on shares of Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $66.79.

Insider Transactions at Ovintiv

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the transaction, the executive vice president directly 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. Company 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.