704,935 Shares in Ovintiv (NYSE:OVV) Purchased by Clearbridge Investments LLC
Clearbridge Investments LLC acquired a new position in Ovintiv (NYSE:OVV) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 704,935 shares of the company’s stock, valued at approximately $1,903,000. Clearbridge Investments LLC owned approximately 0.27% of Ovintiv at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. AXA purchased a new stake in Ovintiv in the 1st quarter worth about $28,000. Modus Advisors LLC purchased a new stake in shares of Ovintiv during the 1st quarter worth about $33,000. Ensign Peak Advisors Inc purchased a new stake in shares of Ovintiv during the 1st quarter worth about $37,000. Cumberland Partners Ltd purchased a new stake in shares of Ovintiv during the 1st quarter worth about $34,000. Finally, Eaton Vance Management purchased a new stake in shares of Ovintiv during the 1st quarter worth about $34,000. 55.80% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently weighed in on OVV shares. TD Securities raised their price target on Ovintiv from $5.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, May 8th. Mizuho raised Ovintiv from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $5.00 to $12.00 in a research note on Friday, June 19th. Credit Suisse Group raised their price target on Ovintiv from $2.00 to $6.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Zacks Investment Research raised Ovintiv from a “sell” rating to a “hold” rating in a research note on Friday, March 20th. Finally, Royal Bank of Canada raised their price target on Ovintiv from $6.50 to $11.00 and gave the stock a “sector perform” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $13.21.
Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.08). Ovintiv had a return on equity of 7.21% and a net margin of 11.06%. The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $1.58 billion. As a group, equities research analysts expect that Ovintiv will post 0.6 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.094 per share. This represents a $0.38 annualized dividend and a dividend yield of 4.01%. The ex-dividend date of this dividend is Friday, June 12th. This is a positive change from Ovintiv’s previous quarterly dividend of $0.09. Ovintiv’s dividend payout ratio (DPR) is presently 11.55%.
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