AustralianSuper Pty Ltd Takes $6.38 Million Position in Ovintiv Inc. (NYSE:OVV)

by · The Markets Daily

AustralianSuper Pty Ltd purchased a new stake in Ovintiv Inc. (NYSE:OVV – Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 166,407 shares of the company’s stock, valued at approximately $6,375,000. AustralianSuper Pty Ltd owned 0.06% of Ovintiv at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Raymond James & Associates grew its stake in shares of Ovintiv by 1.2% in the third quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock valued at $7,529,000 after acquiring an additional 2,275 shares in the last quarter. Quarry LP grew its position in shares of Ovintiv by 89.1% during the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock worth $1,917,000 after purchasing an additional 19,272 shares in the last quarter. Wedge Capital Management L L P NC increased its holdings in shares of Ovintiv by 25.0% during the second quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after purchasing an additional 106,900 shares during the period. FORA Capital LLC bought a new position in shares of Ovintiv during the first quarter worth approximately $4,244,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of Ovintiv in the first quarter valued at approximately $1,149,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Down 0.2 %

NYSE:OVV opened at $39.20 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The firm has a market cap of $10.33 billion, a P/E ratio of 5.53, a P/E/G ratio of 7.48 and a beta of 2.61. Ovintiv Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The firm has a 50-day simple moving average of $40.82 and a two-hundred day simple moving average of $45.31.

Ovintiv (NYSE:OVV – Get Free Report) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.53 billion. Analysts predict that Ovintiv Inc. will post 4.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on OVV. Morgan Stanley reduced their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Wells Fargo & Company lowered their price objective on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 1st. Citigroup lowered their price target on Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a report on Monday, October 7th. Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Finally, Mizuho lowered their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Read Our Latest Report on Ovintiv

About Ovintiv

(Free Report)

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.

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