Core Capital Management & Research inc. Makes New Investment in Ovintiv Inc. $OVV

Core Capital Management & Research inc. purchased a new stake in Ovintiv Inc. (NYSE:OVV) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 89,569 shares of the company’s stock, valued at approximately $4,716,000. Ovintiv makes up approximately 2.5% of Core Capital Management & Research inc.’s investment portfolio, making the stock its 14th largest holding.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Steph & Co. bought a new position in Ovintiv in the 1st quarter valued at approximately $29,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Ovintiv during the 2nd quarter worth $32,000. Aberdeen Wealth Management LLC acquired a new position in Ovintiv in the 2nd quarter worth about $32,000. Markowski Investments bought a new position in Ovintiv in the second quarter valued at about $39,000. Finally, Los Angeles Capital Management LLC bought a new position in Ovintiv in the fourth quarter valued at about $46,000. 83.81% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Rachel Moore sold 7,753 shares of Ovintiv stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares of the company’s stock, valued at $4,592,599.60. The trade was a 9.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.85% of the company’s stock.

Ovintiv Price Performance

OVV stock opened at $64.43 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $67.51. The company’s 50-day moving average is $61.24 and its 200-day moving average is $57.98. The stock has a market capitalization of $17.75 billion, a PE ratio of 18.20 and a beta of 0.53.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate 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. Equities research analysts expect that Ovintiv Inc. will post 7.3 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio is currently 33.90%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OVV. Royal Bank Of Canada boosted their target price on shares of Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. UBS Group raised their price target on shares of Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Truist Financial reiterated a “buy” rating and set a $73.00 price target (up from $66.00) on shares of Ovintiv in a report on Monday, July 27th. Stephens restated a “positive” rating and issued a $69.00 price objective on shares of Ovintiv in a report on Friday, July 24th. Finally, Citigroup raised their target price on Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $68.20.

Ovintiv Company Profile

Ovintiv Inc is an independent North American energy company engaged primarily in the exploration, development, production and acquisition of oil, condensate, natural gas liquids and natural gas. Its portfolio is focused on unconventional, or shale, resource plays, with operations designed to produce a mix of higher-value liquids and natural gas.

The company’s principal assets are located in the United States and Canada. Its U.S. operations include positions in the Permian Basin of west Texas and New Mexico, the Uinta Basin of Utah and the Anadarko Basin of Oklahoma, while its Canadian operations include properties in Alberta’s Montney and Duvernay formations.