Foster Group Inc. Grows Position in Ovintiv Inc. $OVV

Foster Group Inc. boosted its holdings in Ovintiv Inc. (NYSE:OVV) by 14.8% in the second quarter, Holdings Channel.com reports. The institutional investor owned 85,620 shares of the company’s stock after acquiring an additional 11,037 shares during the period. Foster Group Inc.’s holdings in Ovintiv were worth $4,508,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Steph & Co. purchased a new stake in Ovintiv in the first quarter worth approximately $29,000. Flagship Harbor Advisors LLC purchased a new position in Ovintiv in the fourth quarter worth about $38,000. Los Angeles Capital Management LLC purchased a new position in Ovintiv in the fourth quarter worth about $46,000. Deseret Mutual Benefit Administrators grew its stake in shares of Ovintiv by 27.6% during the 4th 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 period. Finally, Root Financial Partners LLC increased its position in shares of Ovintiv by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after purchasing an additional 277 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Mizuho increased their price objective on shares of Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. UBS Group upped their target price on shares of Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Citigroup increased their price target on shares of Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Barclays lifted their price target on shares of Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Finally, Scotiabank raised shares of Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.89.

Ovintiv Stock Performance

NYSE:OVV opened at $57.85 on Thursday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $64.61. The stock has a 50-day moving average price of $56.69 and a 200 day moving average price of $54.43. The stock has a market capitalization of $15.94 billion, a P/E ratio of 16.34 and a beta of 0.53.

Ovintiv (NYSE:OVV) last released its earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). The company had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. Equities research analysts forecast that Ovintiv Inc. will post 6.87 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio (DPR) is currently 33.90%.

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.