Readystate Asset Management LP Makes New $11.47 Million Investment in Ovintiv Inc. $OVV

Readystate Asset Management LP bought a new position in Ovintiv Inc. (NYSE:OVV) during the second quarter, Holdings Channel.com reports. The firm bought 217,834 shares of the company’s stock, valued at approximately $11,469,000.

Several other institutional investors also recently modified their holdings of the business. HB Wealth Management LLC increased its position in shares of Ovintiv by 4.7% during the second quarter. HB Wealth Management LLC now owns 14,911 shares of the company’s stock valued at $785,000 after acquiring an additional 670 shares during the last quarter. Markowski Investments bought a new stake in shares of Ovintiv during the 2nd quarter worth $39,000. TD Waterhouse Canada Inc. boosted its holdings in shares of Ovintiv by 204.9% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 74,799 shares of the company’s stock worth $3,898,000 after buying an additional 50,263 shares during the last quarter. Pacifica Partners Inc. increased its holdings in Ovintiv by 335.7% during the second quarter. Pacifica Partners Inc. now owns 4,200 shares of the company’s stock worth $223,000 after buying an additional 3,236 shares during the last quarter. Finally, BTG Pactual Asset Management US LLC increased its holdings in Ovintiv by 89.7% during the second quarter. BTG Pactual Asset Management US LLC now owns 38,967 shares of the company’s stock worth $2,052,000 after buying an additional 18,427 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the sale, the executive vice president owned 72,530 shares of the company’s stock, valued at $4,592,599.60. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.85% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on OVV shares. Mizuho boosted their target price on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Royal Bank Of Canada upped their price objective on Ovintiv from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Barclays increased their price objective on Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. UBS Group boosted their target price on Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings upgraded Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.95.

Ovintiv Stock Performance

Ovintiv stock opened at $64.74 on Monday. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $67.51. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $17.84 billion, a PE ratio of 18.29 and a beta of 0.53. The firm’s 50 day simple moving average is $60.54 and its 200 day simple moving average is $57.65.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. As a group, analysts expect that Ovintiv Inc. will post 7.3 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s payout ratio is presently 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.