Sei Investments Co. Buys 130,405 Shares of Ovintiv Inc. $OVV

Sei Investments Co. grew its stake in Ovintiv Inc. (NYSE:OVV) by 46.2% in the first quarter, Holdings Channel.com reports. The institutional investor owned 412,758 shares of the company’s stock after buying an additional 130,405 shares during the quarter. Sei Investments Co.’s holdings in Ovintiv were worth $24,501,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Steph & Co. bought a new position in shares of Ovintiv in the 1st quarter valued at approximately $29,000. Flagship Harbor Advisors LLC bought a new stake in Ovintiv during the fourth quarter worth approximately $38,000. Los Angeles Capital Management LLC bought a new stake in Ovintiv during the fourth quarter worth approximately $46,000. Deseret Mutual Benefit Administrators grew its holdings in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after purchasing an additional 287 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in Ovintiv by 58.4% during the third quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock valued at $54,000 after purchasing an additional 494 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

OVV opened at $59.25 on Wednesday. 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 stock’s 50 day moving average price is $56.34 and its two-hundred day moving average price is $53.52. The firm has a market capitalization of $16.32 billion, a P/E ratio of 16.74 and a beta of 0.53. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $64.61.

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

Ovintiv Announces Dividend

The business 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 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 yield of 2.0%. Ovintiv’s payout ratio is 33.90%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. UBS Group lifted their price target on shares of Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday. Zacks Research downgraded shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Truist Financial reiterated a “buy” rating and issued a $73.00 target price (up from $66.00) on shares of Ovintiv in a research note on Monday. Citigroup dropped their target price on shares of Ovintiv from $70.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, July 17th. Finally, Stephens reiterated a “positive” rating and issued a $69.00 target price on shares of Ovintiv in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $66.79.

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.