Encore Global Management LP Purchases Shares of 14,000 Ovintiv Inc. $OVV

Encore Global Management LP purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 14,000 shares of the company’s stock, valued at approximately $831,000.

Other institutional investors have also recently made changes to their positions in the company. California State Teachers Retirement System raised its position in shares of Ovintiv by 34.7% in the first quarter. California State Teachers Retirement System now owns 327,590 shares of the company’s stock worth $19,446,000 after buying an additional 84,432 shares in the last quarter. Royal Bank of Canada boosted its stake in Ovintiv by 34.2% during the first quarter. Royal Bank of Canada now owns 796,340 shares of the company’s stock valued at $47,270,000 after buying an additional 202,818 shares during the period. Empowered Funds LLC grew its position in Ovintiv by 7.7% during the first quarter. Empowered Funds LLC now owns 95,614 shares of the company’s stock worth $5,676,000 after buying an additional 6,852 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Ovintiv by 4.2% during the first quarter. The Manufacturers Life Insurance Company now owns 213,510 shares of the company’s stock worth $12,674,000 after buying an additional 8,585 shares in the last quarter. Finally, Quantinno Capital Management LP increased its stake in Ovintiv by 222.1% in the 1st quarter. Quantinno Capital Management LP now owns 259,040 shares of the company’s stock worth $15,377,000 after acquiring an additional 178,621 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on OVV. Wells Fargo & Company raised Ovintiv from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $57.00 to $80.00 in a report on Monday, June 22nd. National Bank Financial boosted their price objective on Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Texas Capital upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Thursday, June 25th. Barclays raised their target price on shares of Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Finally, Morgan Stanley dropped their target price on shares of Ovintiv from $68.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $66.79.

Ovintiv Trading Down 1.4%

Shares of OVV stock opened at $59.25 on Wednesday. The business has a 50-day moving average price of $56.34 and a two-hundred day moving average price of $53.52. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $64.61. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The firm has a market cap of $16.32 billion, a P/E ratio of 16.74 and a beta of 0.53.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. Equities analysts anticipate that Ovintiv Inc. will post 7.1 EPS for the current fiscal year.

Ovintiv Announces Dividend

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