iA Global Asset Management Inc. Invests $1.56 Million in Ovintiv Inc. $OVV

iA Global Asset Management Inc. purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 26,322 shares of the company’s stock, valued at approximately $1,562,000.

Other institutional investors have also added to or reduced their stakes in the company. Integrated Wealth Concepts LLC lifted its holdings in shares of Ovintiv by 70.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after buying an additional 3,788 shares in the last quarter. Great Lakes Advisors LLC bought a new stake in shares of Ovintiv in the first quarter valued at about $202,000. Focus Partners Wealth boosted its position in shares of Ovintiv by 49.3% in the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after acquiring an additional 6,364 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of Ovintiv by 47.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after acquiring an additional 589 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Ovintiv by 103.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock valued at $126,000 after acquiring an additional 1,675 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OVV has been the subject of several analyst reports. National Bank Financial lifted their price objective on shares of Ovintiv from $80.00 to $82.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Roth Mkm increased their target price on shares of Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 24th. Mizuho raised their target price on shares of Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Citigroup reiterated a “neutral” rating and issued a $62.00 price target (up from $52.00) on shares of Ovintiv in a research report on Monday, March 30th. Finally, Scotiabank upgraded 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, fifteen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price of $64.32.

Ovintiv Stock Up 1.8%

OVV stock opened at $52.93 on Friday. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $63.46. The business has a 50-day simple moving average of $56.87 and a 200 day simple moving average of $51.11. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. The company has a market cap of $14.87 billion, a PE ratio of 17.07 and a beta of 0.53.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Monday, June 15th. Ovintiv’s dividend payout ratio is 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.