Mediolanum International Funds Ltd Takes Position in Ovintiv Inc. (NYSE:OVV)

Mediolanum International Funds Ltd bought a new stake in Ovintiv Inc. (NYSE:OVV) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,027 shares of the company’s stock, valued at approximately $104,000.

Several other hedge funds have also recently added to or reduced their stakes in OVV. GSA Capital Partners LLP bought a new position in Ovintiv in the first quarter valued at approximately $804,000. Jennison Associates LLC acquired a new stake in Ovintiv during the 1st quarter worth approximately $6,334,000. FORA Capital LLC acquired a new stake in Ovintiv during the 1st quarter worth approximately $4,244,000. Daiwa Securities Group Inc. raised its holdings in Ovintiv by 7.5% in the 1st quarter. Daiwa Securities Group Inc. now owns 17,300 shares of the company’s stock valued at $898,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Fidelis Capital Partners LLC acquired a new position in Ovintiv in the 1st quarter valued at $141,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Insider Transactions at Ovintiv

In related news, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $51.14, for a total transaction of $204,560.00. Following the transaction, the director now directly owns 45,279 shares in the company, valued at approximately $2,315,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the transaction, the director now directly owns 45,279 shares in the company, valued at approximately $2,315,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the sale, the director now directly owns 8,929 shares of the company’s stock, valued at approximately $446,450. The disclosure for this sale can be found here. Insiders own 0.97% of the company’s stock.

Ovintiv Price Performance

OVV stock traded up $0.88 during mid-day trading on Wednesday, hitting $47.35. The company had a trading volume of 2,039,614 shares, compared to its average volume of 3,068,149. The company has a market capitalization of $12.64 billion, a price-to-earnings ratio of 6.58 and a beta of 2.63. Ovintiv Inc. has a 12-month low of $37.92 and a 12-month high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $48.44 and a 200 day moving average price of $47.73.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.32 by $0.12. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. On average, research analysts anticipate that Ovintiv Inc. will post 6.12 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.53%. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Analyst Ratings Changes

OVV has been the topic of several recent analyst reports. Bank of America reiterated a “neutral” rating and issued a $55.00 price target on shares of Ovintiv in a research note on Friday, June 14th. Evercore ISI reiterated an “outperform” rating and issued a $60.00 price target on shares of Ovintiv in a research note on Wednesday. Barclays initiated coverage on Ovintiv in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 price target on the stock. Jefferies Financial Group lifted their price target on Ovintiv from $59.00 to $69.00 and gave the company a “buy” rating in a research note on Friday, April 12th. Finally, The Goldman Sachs Group lifted their price target on Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a research note on Tuesday, March 26th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $58.65.

Ovintiv Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.