Amova Asset Management Americas Inc. Buys New Position in Ovintiv Inc. $OVV

Amova Asset Management Americas Inc. bought a new stake in Ovintiv Inc. (NYSE:OVV) during the first quarter, HoldingsChannel.com reports. The fund bought 28,799 shares of the company’s stock, valued at approximately $1,710,000.

Several other hedge funds also recently modified their holdings of the company. BCS Private Wealth Management Inc. purchased a new stake in Ovintiv in the 4th quarter worth approximately $976,000. UBS Group AG lifted its stake in shares of Ovintiv by 8.3% during the 4th quarter. UBS Group AG now owns 997,177 shares of the company’s stock worth $39,079,000 after purchasing an additional 76,846 shares during the period. TrueMark Investments LLC acquired a new stake in shares of Ovintiv during the fourth quarter worth $889,000. Hillsdale Investment Management Inc. grew its position in shares of Ovintiv by 317.3% in the fourth quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company’s stock valued at $7,373,000 after purchasing an additional 142,800 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in shares of Ovintiv in the fourth quarter valued at $5,045,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OVV has been the topic of a number of research analyst reports. Citigroup decreased their price target on Ovintiv from $70.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, July 17th. Bank of America increased their price objective on shares of Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. National Bank Financial raised their target price on shares of Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Morgan Stanley decreased their target price on shares of Ovintiv from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Monday, June 29th. Finally, Royal Bank Of Canada set a $70.00 target price on shares of Ovintiv and gave the company an “outperform” rating in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.63.

Ovintiv Stock Performance

Ovintiv stock opened at $59.37 on Wednesday. The company has a market cap of $16.68 billion, a price-to-earnings ratio of 19.15 and a beta of 0.53. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $63.46. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The stock’s 50-day moving average is $56.19 and its 200-day moving average is $52.73.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.30 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.20 annualized dividend and a yield of 2.0%. Ovintiv’s dividend payout ratio (DPR) is presently 38.71%.

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.