Hsbc Holdings PLC Boosts Stock Holdings in Ovintiv Inc. $OVV

Hsbc Holdings PLC lifted its stake in Ovintiv Inc. (NYSE:OVV) by 37.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 242,042 shares of the company’s stock after purchasing an additional 65,445 shares during the period. Hsbc Holdings PLC owned about 0.09% of Ovintiv worth $9,479,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of OVV. Citigroup Inc. increased its stake in shares of Ovintiv by 42.1% during the third quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock worth $7,030,000 after buying an additional 51,562 shares during the period. BCS Private Wealth Management Inc. acquired a new position in Ovintiv during the 4th quarter worth approximately $976,000. UBS Group AG increased its position in shares of Ovintiv by 8.3% in the 4th quarter. UBS Group AG now owns 997,177 shares of the company’s stock valued at $39,079,000 after purchasing an additional 76,846 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its position in shares of Ovintiv by 670.2% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 44,972 shares of the company’s stock valued at $1,816,000 after purchasing an additional 39,133 shares during the last quarter. Finally, TrueMark Investments LLC acquired a new stake in shares of Ovintiv in the 4th quarter valued at $889,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Roth Mkm lifted their price objective on shares of Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday. TD Cowen raised their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. The Goldman Sachs Group boosted their price objective on shares of Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Wells Fargo & Company upgraded shares of Ovintiv from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $57.00 to $80.00 in a report on Monday. Finally, Scotiabank raised shares of Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Fifteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $64.47.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $53.08 on Friday. The firm’s fifty day simple moving average is $56.99 and its 200-day simple moving average is $50.71. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $63.46. The stock has a market capitalization of $14.92 billion, a price-to-earnings ratio of 17.12 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56.

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

Ovintiv Dividend Announcement

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

About Ovintiv

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.