Nordea Investment Management AB Grows Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Nordea Investment Management AB boosted its holdings in shares of Ovintiv Inc. (NYSE:OVVGet Rating) by 3.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 428,874 shares of the company’s stock after purchasing an additional 16,223 shares during the quarter. Nordea Investment Management AB owned about 0.17% of Ovintiv worth $23,492,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in OVV. Marshall Wace LLP raised its stake in Ovintiv by 9,931.2% during the fourth quarter. Marshall Wace LLP now owns 3,939,360 shares of the company’s stock valued at $132,756,000 after purchasing an additional 3,900,089 shares in the last quarter. Miller Value Partners LLC purchased a new stake in Ovintiv during the fourth quarter valued at $73,897,000. Point72 Asset Management L.P. raised its stake in Ovintiv by 125.9% during the fourth quarter. Point72 Asset Management L.P. now owns 2,958,747 shares of the company’s stock valued at $99,710,000 after purchasing an additional 1,649,165 shares in the last quarter. Ruffer LLP purchased a new stake in Ovintiv during the fourth quarter valued at $47,746,000. Finally, Fisher Asset Management LLC purchased a new stake in Ovintiv during the fourth quarter valued at $45,027,000. 76.96% of the stock is currently owned by institutional investors.

Several brokerages have recently weighed in on OVV. TheStreet raised shares of Ovintiv from a “c” rating to a “b-” rating in a research note on Tuesday, March 1st. CIBC increased their target price on shares of Ovintiv from $50.00 to $55.00 in a research note on Thursday, March 3rd. Bank of America downgraded shares of Ovintiv from a “buy” rating to a “neutral” rating and increased their target price for the company from $60.00 to $73.00 in a research note on Tuesday, March 8th. Raymond James set a $60.00 target price on shares of Ovintiv and gave the company a “market perform” rating in a research note on Tuesday, May 10th. Finally, Mizuho reduced their target price on shares of Ovintiv from $78.00 to $77.00 and set a “buy” rating on the stock in a research note on Tuesday, May 31st. Three investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $62.15.

In other news, Director Thomas G. Ricks sold 19,231 shares of the firm’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $59.50, for a total value of $1,144,244.50. Following the sale, the director now directly owns 116,269 shares in the company, valued at approximately $6,918,005.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas G. Ricks sold 10,000 shares of the firm’s stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the completion of the sale, the director now owns 135,500 shares in the company, valued at $6,775,000. The disclosure for this sale can be found here. Insiders sold a total of 39,785 shares of company stock worth $2,213,809 over the last 90 days. Company insiders own 0.76% of the company’s stock.

Shares of Ovintiv stock opened at $46.02 on Thursday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.54 and a quick ratio of 0.54. Ovintiv Inc. has a 1 year low of $21.92 and a 1 year high of $63.30. The firm’s 50-day moving average is $52.15 and its two-hundred day moving average is $45.42. The stock has a market cap of $11.88 billion, a price-to-earnings ratio of 10.62 and a beta of 3.17.

Ovintiv (NYSE:OVVGet Rating) last issued its earnings results on Monday, May 9th. The company reported $2.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.54 by ($0.37). Ovintiv had a return on equity of 60.01% and a net margin of 9.86%. The business had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $2.42 billion. On average, equities analysts expect that Ovintiv Inc. will post 9.45 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be issued a $0.25 dividend. This is a boost from Ovintiv’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Tuesday, June 14th.

Ovintiv Profile (Get Rating)

Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

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Institutional Ownership by Quarter for Ovintiv (NYSE:OVV)

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