Lazard Asset Management LLC Boosts Stake in Ovintiv Inc. $OVV

Lazard Asset Management LLC raised its position in shares of Ovintiv Inc. (NYSE:OVV) by 10.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 220,932 shares of the company’s stock after buying an additional 20,969 shares during the period. Lazard Asset Management LLC owned about 0.08% of Ovintiv worth $13,115,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Integrated Wealth Concepts LLC lifted its holdings in Ovintiv by 70.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after buying an additional 3,788 shares in the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of Ovintiv during the first quarter worth $202,000. Focus Partners Wealth increased its position in shares of Ovintiv by 49.3% during the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after acquiring an additional 6,364 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of Ovintiv by 47.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after acquiring an additional 589 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Ovintiv by 103.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock valued at $126,000 after acquiring an additional 1,675 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OVV has been the subject of several analyst reports. Barclays boosted their target price on Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Mizuho increased their price target on Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Wells Fargo & Company upgraded Ovintiv from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $57.00 to $80.00 in a research note on Monday, June 22nd. Bank of America boosted their price objective on Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Finally, Citigroup raised their target price on shares of Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday. One research 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 company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.89.

Ovintiv Stock Performance

NYSE:OVV opened at $61.30 on Thursday. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $64.61. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $16.89 billion, a PE ratio of 17.32 and a beta of 0.53. The business’s fifty day moving average price is $56.37 and its 200 day moving average price is $53.68.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The business had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. On average, sell-side analysts anticipate that Ovintiv Inc. will post 7.1 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

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 paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 annualized dividend and a yield of 2.0%. Ovintiv’s payout ratio is presently 33.90%.

About Ovintiv

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.