Jupiter Topco LLC Makes New Investment in Ovintiv Inc. $OVV

Jupiter Topco LLC bought a new position in shares of Ovintiv Inc. (NYSE:OVV) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 127,290 shares of the company’s stock, valued at approximately $6,702,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Steph & Co. acquired 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 shares of Ovintiv during the second quarter valued at approximately $32,000. Aberdeen Wealth Management LLC acquired a new position in shares of Ovintiv in the second quarter valued at $32,000. Los Angeles Capital Management LLC acquired a new position in shares of Ovintiv in the fourth quarter valued at $46,000. Finally, Deseret Mutual Benefit Administrators lifted its position in Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after purchasing an additional 287 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on OVV. Wall Street Zen raised shares of Ovintiv from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. Weiss Ratings raised shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Roth Capital lifted their target price on shares of Ovintiv from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday, June 24th. Citigroup upped their target price on shares of Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Finally, UBS Group increased their price target on shares of Ovintiv from $71.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $66.89.

Ovintiv Price Performance

NYSE:OVV opened at $64.59 on Monday. 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 firm has a market cap of $17.79 billion, a PE ratio of 18.25 and a beta of 0.53. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $67.44. The company’s 50-day moving average price is $59.32 and its two-hundred day moving average price is $56.97.

Ovintiv (NYSE:OVV) last posted 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). The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. On average, equities analysts anticipate that Ovintiv Inc. will post 7.09 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a $0.30 dividend. 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 1.9%. Ovintiv’s payout ratio is currently 33.90%.

Insider Buying and Selling

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction 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 sale, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.85% of the company’s stock.

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.