Healthcare of Ontario Pension Plan Trust Fund Acquires New Stake in Ovintiv Inc. $OVV

Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV) in the first quarter, Holdings Channel reports. The firm acquired 350,386 shares of the company’s stock, valued at approximately $20,796,000.

Other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in shares of Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after acquiring an additional 3,589,030 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Ovintiv by 116.3% during the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after acquiring an additional 3,060,691 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Ovintiv by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after purchasing an additional 1,669,469 shares during the last quarter. Goldentree Asset Management LP purchased a new position in shares of Ovintiv in the 4th quarter worth about $61,528,000. Finally, Freestone Grove Partners LP boosted its stake in Ovintiv by 79.9% in the 4th quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company’s stock worth $120,506,000 after purchasing an additional 1,365,535 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on OVV shares. Truist Financial reissued a “buy” rating and set a $73.00 price objective (up from $66.00) on shares of Ovintiv in a research report on Monday. Morgan Stanley decreased their target price on shares of Ovintiv from $68.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, June 29th. Bank of America upped their target price on shares of Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. UBS Group cut their price target on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday, April 9th. Finally, Stephens reissued a “positive” rating and set a $69.00 price target on shares of Ovintiv in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.84.

Ovintiv Price Performance

NYSE OVV opened at $60.10 on Tuesday. The company has a market capitalization of $16.89 billion, a PE ratio of 16.98 and a beta of 0.53. 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 business’s fifty day moving average is $56.37 and its 200 day moving average is $53.36. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $64.61.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $2.37 billion. Sell-side analysts predict that Ovintiv Inc. will post 7.08 earnings per share for the current 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 paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. Ovintiv’s payout ratio is 33.90%.

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.