Healthcare of Ontario Pension Plan Trust Fund Invests $20.80 Million in Ovintiv Inc. $OVV

Healthcare of Ontario Pension Plan Trust Fund bought a new position in Ovintiv Inc. (NYSE:OVV) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 350,386 shares of the company’s stock, valued at approximately $20,796,000. Healthcare of Ontario Pension Plan Trust Fund owned about 0.12% of Ovintiv at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. BCS Private Wealth Management Inc. bought a new position in shares of Ovintiv during the fourth quarter valued at approximately $976,000. UBS Group AG boosted its holdings in Ovintiv by 8.3% in the fourth quarter. UBS Group AG now owns 997,177 shares of the company’s stock valued at $39,079,000 after acquiring an additional 76,846 shares in the last quarter. TrueMark Investments LLC bought a new stake in Ovintiv in the fourth quarter valued at $889,000. Hillsdale Investment Management Inc. increased its position in Ovintiv by 317.3% during the 4th quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company’s stock valued at $7,373,000 after purchasing an additional 142,800 shares during the period. Finally, Intech Investment Management LLC purchased a new position in Ovintiv during the 4th quarter valued at $5,045,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

OVV has been the subject of several research analyst reports. Truist Financial reaffirmed a “buy” rating and issued a $73.00 target price (up from $66.00) on shares of Ovintiv in a research report on Monday. Citigroup reduced their price target on shares of Ovintiv from $70.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, July 17th. Roth Capital increased their price target on shares of Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. National Bank Financial raised their price objective on shares of Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Finally, Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and an average price target of $66.84.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $60.10 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $16.89 billion, a P/E ratio of 16.98 and a beta of 0.53. The business has a fifty day simple moving average of $56.37 and a two-hundred day simple moving average of $53.36. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $64.61.

Ovintiv (NYSE:OVV) last announced its 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). The business 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%. On average, equities analysts forecast that Ovintiv Inc. will post 7.08 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed 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 of this dividend 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%.

Ovintiv 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.