Ritholtz Wealth Management has acquired a new stake in Ovintiv Inc. (NYSE: OVV) during the second quarter, as detailed in a recent filing with the Securities and Exchange Commission. The firm purchased 22,347 shares, valued at approximately $850,000. This move illustrates the growing interest from institutional investors in the energy sector, particularly in Ovintiv, a company engaged in the exploration and production of natural gas and oil.
Multiple institutional investors have recently adjusted their holdings in Ovintiv. Notably, Charles Schwab Investment Management Inc. increased its position in the company by 383.8% during the first quarter, acquiring an additional 7,344,796 shares. This brings their total ownership to 9,258,570 shares, valued at roughly $396.3 million. Similarly, AQR Capital Management LLC raised its stake by 69.7%, now holding 5,572,732 shares worth about $238.5 million after adding 2,288,989 shares.
Other significant investors include Fuller & Thaler Asset Management Inc., which acquired a new position valued at approximately $56.9 million, and Nuveen LLC, which also entered with a new investment of around $46.6 million. Additionally, Amundi increased its holding by 86.3%, now owning 2,231,116 shares valued at $87.1 million. Overall, institutional investors and hedge funds now own 83.81% of Ovintiv’s stock.
Ovintiv’s Market Performance and Dividends
As of the latest trading session, Ovintiv shares opened at $35.94. The company boasts a fifty-day simple moving average of $40.46 and a 200-day simple moving average of $38.60. Over the past year, Ovintiv’s stock has fluctuated, reaching a low of $29.80 and a high of $47.18. The company currently holds a market capitalization of $9.24 billion, a price-to-earnings (P/E) ratio of 15.90, and a price-to-earnings-growth (PEG) ratio of 5.29.
Recently, Ovintiv declared a quarterly dividend, distributing $0.30 per share to investors of record as of September 15. This represents an annualized dividend of $1.20 and a yield of 3.3%. The ex-dividend date was also September 15, and the dividend payout ratio currently stands at 53.10%.
Analyst Insights on Ovintiv
Several analysts have recently provided updates on Ovintiv’s stock. TD Cowen upgraded shares of Ovintiv to a “strong-buy” rating on July 7. Conversely, Barclays reduced its price target from $57.00 to $55.00, maintaining an “overweight” rating for the stock. Evercore ISI raised its price objective from $42.00 to $43.00, rating it as “outperform.”
Further, Mizuho adjusted its price target from $58.00 to $50.00, keeping an “outperform” rating. Roth Capital initiated coverage, assigning a “neutral” rating with a target price of $42.00. Overall, one analyst rates the stock as a Strong Buy, thirteen as Buy, four as Hold, and one as Sell, leading to a consensus rating of “Moderate Buy” with a target price of $51.12, based on data from MarketBeat.com.
Ovintiv Inc. explores, develops, produces, and markets natural gas, oil, and natural gas liquids across the United States and Canada. The company operates through segments including USA Operations, Canadian Operations, and Market Optimization, with key assets located in the Permian Basin in Texas and the Montney formation in British Columbia and Alberta.
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