Hsbc Holdings PLC Increases Stake in Ovintiv Inc. $OVV

Hsbc Holdings PLC raised its position in Ovintiv Inc. (NYSE:OVV) by 37.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 242,042 shares of the company’s stock after acquiring an additional 65,445 shares during the period. Hsbc Holdings PLC’s holdings in Ovintiv were worth $9,479,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Integrated Wealth Concepts LLC increased its stake in shares of Ovintiv by 70.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after acquiring an additional 3,788 shares during the period. Great Lakes Advisors LLC purchased a new stake in Ovintiv in the 1st quarter valued at approximately $202,000. Focus Partners Wealth boosted its holdings in Ovintiv by 49.3% in the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after purchasing an additional 6,364 shares in the last quarter. Geneos Wealth Management Inc. increased its position in Ovintiv by 47.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after purchasing an additional 589 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Ovintiv by 103.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock worth $126,000 after buying an additional 1,675 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Down 0.9%

Shares of OVV stock opened at $53.08 on Friday. The stock has a market cap of $14.92 billion, a P/E ratio of 17.12 and a beta of 0.53. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $63.46. The business has a fifty day simple moving average of $56.99 and a 200-day simple moving average of $50.71.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, May 11th. The company reported $2.00 EPS for the quarter, topping the consensus estimate of $1.85 by $0.15. The business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. On average, analysts forecast that Ovintiv Inc. will post 8.07 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Monday, June 15th. Ovintiv’s dividend payout ratio is 38.71%.

Wall Street Analyst Weigh In

OVV has been the subject of several recent analyst reports. Wall Street Zen raised Ovintiv from a “hold” rating to a “buy” rating in a report on Monday, June 22nd. Roth Mkm increased their price objective on Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday. Citigroup reissued a “neutral” rating and issued a $62.00 target price (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Royal Bank Of Canada set a $70.00 price target on shares of Ovintiv and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Finally, Zacks Research cut shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Fifteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $64.47.

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.