Foster Group Inc. Buys 11,037 Shares of Ovintiv Inc. $OVV

Foster Group Inc. boosted its stake in Ovintiv Inc. (NYSE:OVV) by 14.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 85,620 shares of the company’s stock after purchasing an additional 11,037 shares during the quarter. Foster Group Inc.’s holdings in Ovintiv were worth $4,508,000 as of its most recent filing with the Securities & Exchange Commission.

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

Ovintiv Stock Down 4.8%

OVV stock opened at $57.85 on Thursday. The business’s 50 day moving average price is $56.69 and its two-hundred day moving average price is $54.43. 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 company has a market capitalization of $15.94 billion, a price-to-earnings ratio of 16.34 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 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $2.37 billion. As a group, analysts forecast that Ovintiv Inc. will post 6.87 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. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.1%. Ovintiv’s dividend payout ratio (DPR) is currently 33.90%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Roth Capital lifted their price target on Ovintiv from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday, June 24th. Texas Capital raised shares of Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. Barclays boosted their price target on shares of Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Wall Street Zen upgraded shares of Ovintiv from a “hold” rating to a “buy” rating in a research report on Saturday, July 25th. Finally, Mizuho lifted their price objective on shares of Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.89.

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.