Core Capital Management & Research inc. Acquires Shares of 89,569 Ovintiv Inc. $OVV

Core Capital Management & Research inc. bought a new position in shares of Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 89,569 shares of the company’s stock, valued at approximately $4,716,000. Ovintiv makes up about 2.5% of Core Capital Management & Research inc.’s holdings, making the stock its 14th biggest holding.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Steph & Co. purchased a new stake in shares of Ovintiv during the first quarter valued at approximately $29,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Ovintiv in the 2nd quarter valued at $32,000. Aberdeen Wealth Management LLC bought a new position in Ovintiv in the 2nd quarter valued at $32,000. Markowski Investments purchased a new stake in shares of Ovintiv during the 2nd quarter valued at $39,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Ovintiv during the 4th quarter worth $46,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 0.5%

Shares of OVV stock opened at $64.43 on Thursday. The company’s fifty day simple moving average is $61.24 and its two-hundred day simple moving average is $57.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $67.51. The stock has a market capitalization of $17.75 billion, a price-to-earnings ratio of 18.20 and a beta of 0.53.

Ovintiv (NYSE:OVV) last posted 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). The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. As a group, analysts anticipate that Ovintiv Inc. will post 7.3 earnings per share for the current year.

Ovintiv Announces Dividend

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

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on OVV shares. Morgan Stanley set a $67.00 price target on shares of Ovintiv in a research report on Wednesday, August 19th. Barclays lifted their price objective on shares of Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Citigroup boosted their target price on shares of Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Scotiabank raised shares of Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Finally, Truist Financial restated a “buy” rating and set a $73.00 price target (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.20.

About Ovintiv

Ovintiv Inc is an independent North American energy company engaged primarily in the exploration, development, production and acquisition of oil, condensate, natural gas liquids and natural gas. Its portfolio is focused on unconventional, or shale, resource plays, with operations designed to produce a mix of higher-value liquids and natural gas.

The company’s principal assets are located in the United States and Canada. Its U.S. operations include positions in the Permian Basin of west Texas and New Mexico, the Uinta Basin of Utah and the Anadarko Basin of Oklahoma, while its Canadian operations include properties in Alberta’s Montney and Duvernay formations.