Toronto Dominion Bank Raises Holdings in Ovintiv Inc. (NYSE:OVV)

Toronto Dominion Bank lifted its position in shares of Ovintiv Inc. (NYSE:OVV) by 14.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,700 shares of the company’s stock after buying an additional 14,533 shares during the quarter. Toronto Dominion Bank’s holdings in Ovintiv were worth $5,470,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Ovintiv by 3.8% during the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after purchasing an additional 1,024,931 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Ovintiv by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock valued at $180,194,000 after acquiring an additional 142,296 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Ovintiv by 1,560.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock valued at $63,738,000 after acquiring an additional 1,363,865 shares during the period. Principal Financial Group Inc. raised its position in shares of Ovintiv by 1.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,005,797 shares of the company’s stock worth $52,201,000 after acquiring an additional 17,206 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its stake in shares of Ovintiv by 6.2% during the 2nd quarter. Hsbc Holdings PLC now owns 976,001 shares of the company’s stock worth $45,778,000 after purchasing an additional 57,182 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Up 3.7 %

Shares of NYSE OVV opened at $38.37 on Friday. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The stock has a market cap of $10.11 billion, a PE ratio of 5.36, a P/E/G ratio of 7.23 and a beta of 2.62. The company has a 50-day moving average of $42.11 and a 200 day moving average of $47.21.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. As a group, sell-side analysts predict that Ovintiv Inc. will post 5.26 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 3.13%. Ovintiv’s dividend payout ratio (DPR) is currently 16.76%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Truist Financial lifted their target price on Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Evercore ISI reissued an “outperform” rating and issued a $60.00 target price on shares of Ovintiv in a research report on Wednesday, July 10th. UBS Group reduced their price target on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Morgan Stanley lowered their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, Wolfe Research started coverage on shares of Ovintiv in a research report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price target on the stock. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $59.83.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.