PensionDanmark Pensionsforsikringsaktieselskab Purchases Shares of 90,000 Ovintiv Inc. $OVV

PensionDanmark Pensionsforsikringsaktieselskab purchased a new stake in Ovintiv Inc. (NYSE:OVV) during the second quarter, Holdings Channel reports. The firm purchased 90,000 shares of the company’s stock, valued at approximately $4,738,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its position in Ovintiv by 17.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after acquiring an additional 1,669,469 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Ovintiv by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after purchasing an additional 203,256 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Ovintiv by 16.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock worth $467,874,000 after buying an additional 1,137,162 shares during the last quarter. Millennium Management LLC grew its stake in Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after buying an additional 3,060,691 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in Ovintiv by 13.5% during the 4th 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 buying an additional 650,000 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Up 0.0%

Ovintiv stock opened at $59.37 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The business’s 50-day simple moving average is $56.84 and its two-hundred day simple moving average is $54.71. The company has a market cap of $16.36 billion, a PE ratio of 16.77 and a beta of 0.53. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $64.61.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Equities analysts anticipate that Ovintiv Inc. will post 6.87 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.0%. Ovintiv’s dividend payout ratio is currently 33.90%.

Analyst Ratings Changes

A number of equities research analysts have commented on OVV shares. Texas Capital upgraded Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. Barclays increased their price objective on shares of Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. National Bank Financial lifted their target price on shares of Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Scotiabank raised shares of Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Finally, Royal Bank Of Canada upped their price target on shares of Ovintiv from $70.00 to $85.00 and gave the company an “outperform” rating 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 given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $66.89.

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.