54,329 Shares in Ovintiv Inc. (NYSE:OVV) Acquired by Robeco Institutional Asset Management B.V.

Posted by Defense World Staff on May 5th, 2023

Robeco Institutional Asset Management B.V. bought a new stake in shares of Ovintiv Inc. (NYSE:OVV – Get Rating) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 54,329 shares of the company’s stock, valued at approximately $2,755,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp grew its holdings in shares of Ovintiv by 5.4% in the first quarter. State Street Corp now owns 7,790,880 shares of the company’s stock worth $421,253,000 after acquiring an additional 396,726 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Ovintiv by 63.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,950,457 shares of the company’s stock valued at $213,604,000 after purchasing an additional 1,530,397 shares during the last quarter. Contrarius Investment Management Ltd lifted its stake in shares of Ovintiv by 24.9% in the 3rd quarter. Contrarius Investment Management Ltd now owns 3,100,453 shares of the company’s stock worth $142,621,000 after purchasing an additional 618,203 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Ovintiv by 12.1% in the first quarter. Wellington Management Group LLP now owns 2,481,811 shares of the company’s stock worth $134,191,000 after buying an additional 267,687 shares during the last quarter. Finally, Invesco Ltd. grew its position in Ovintiv by 321.3% during the first quarter. Invesco Ltd. now owns 2,396,829 shares of the company’s stock valued at $129,597,000 after buying an additional 1,827,966 shares during the period. 76.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. BMO Capital Markets cut shares of Ovintiv from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $56.00 to $51.00 in a research note on Tuesday, March 7th. Wells Fargo & Company lowered Ovintiv from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $64.00 to $40.00 in a report on Monday, April 17th. UBS Group initiated coverage on Ovintiv in a research report on Wednesday, April 19th. They issued a “buy” rating and a $52.00 price target for the company. National Bankshares lowered their price objective on Ovintiv from $66.00 to $61.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 4th. Finally, Evercore ISI reduced their target price on shares of Ovintiv from $60.00 to $42.00 and set an “in-line” rating for the company in a report on Tuesday, April 4th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $61.14.

Ovintiv Trading Down 0.8 %

Shares of Ovintiv stock opened at $32.69 on Friday. Ovintiv Inc. has a twelve month low of $32.26 and a twelve month high of $63.30. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.41. The business has a 50-day moving average price of $37.99 and a 200-day moving average price of $46.13. The firm has a market cap of $7.95 billion, a price-to-earnings ratio of 2.30, a PEG ratio of 0.13 and a beta of 2.78.

Ovintiv (NYSE:OVV – Get Rating) last released its quarterly earnings results on Monday, February 27th. The company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.84). The firm had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $2.30 billion. Ovintiv had a net margin of 29.18% and a return on equity of 28.85%. Equities research analysts anticipate that Ovintiv Inc. will post 9.03 EPS for the current fiscal year.

Ovintiv Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $1.20 annualized dividend and a yield of 3.67%. This is a positive change from Ovintiv’s previous quarterly dividend of $0.25. Ovintiv’s dividend payout ratio (DPR) is 7.04%.

Insiders Place Their Bets

In other news, Director Howard John Mayson sold 3,000 shares of the company’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $45.62, for a total transaction of $136,860.00. Following the sale, the director now directly owns 21,403 shares in the company, valued at approximately $976,404.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.70% of the company’s stock.

About Ovintiv

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Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.