KBC Group NV Acquires 76,043 Shares of Ovintiv Inc. $OVV

KBC Group NV grew its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 82.6% in the first quarter, Holdings Channel reports. The institutional investor owned 168,150 shares of the company’s stock after acquiring an additional 76,043 shares during the period. KBC Group NV’s holdings in Ovintiv were worth $9,981,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in shares of Ovintiv by 17.8% in the fourth 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. Charles Schwab Investment Management Inc. lifted its stake in Ovintiv by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock valued at $387,601,000 after acquiring an additional 203,256 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Ovintiv by 14.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock worth $264,281,000 after acquiring an additional 855,043 shares during the last quarter. Millennium Management LLC grew its stake in shares of Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after acquiring an additional 3,060,691 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its holdings in shares of Ovintiv by 13.5% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock valued at $214,060,000 after purchasing an additional 650,000 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analyst Ratings Changes

OVV has been the subject of several analyst reports. Citigroup decreased their price objective on shares of Ovintiv from $70.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, July 17th. Stephens decreased their price target on Ovintiv from $71.00 to $68.00 and set an “equal weight” rating for the company in a research report on Friday, July 17th. UBS Group dropped their price target on Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday, April 9th. Weiss Ratings lowered Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a research report on Tuesday, May 12th. Finally, Wells Fargo & Company raised shares of Ovintiv from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $57.00 to $80.00 in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $65.63.

Ovintiv Trading Up 2.0%

Ovintiv stock opened at $60.59 on Thursday. The stock has a market cap of $17.03 billion, a P/E ratio of 19.54 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. The firm’s fifty day moving average price is $56.25 and its 200-day moving average price is $52.89. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $63.46.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.20 annualized dividend and a yield of 2.0%. Ovintiv’s payout ratio is 38.71%.

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.