The Vanguard Group, Inc. recently announced the acquisition of new stake in Ovintiv Inc. (NYSE:OVV). The institutional investor has increased its shareholding in the Energy company by 26,438.78% to 24.25 million shares with purchase of 24.15 million shares. This fresh investment now brings its stake to 9.33% valued currently at $234.94 million. In addition, BlackRock Fund Advisors raised its holdings by 15.69 million to 16.8 million shares. And T. Rowe Price Associates, Inc. (I.. has lifted its position by 7.35% or 1.06 million shares – to 15.5 million shares.
With over 2.89 million Ovintiv Inc. (OVV) shares trading Tuesday and a closing price of $11.19 on the day, the dollar volume was approximately $32.37 million. The shares have shown a negative weekly performance of -4.77% and its price on 09/01/20 gained nearly 0.99%. Currently, there are 298.80M common shares owned by the public and among those 256.54M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 29 analysts who have offered their price forecasts for OVV have a consensus price objective of $12.18. The analysts have set the share’s price value over the next 12 months at a high of $30.00 and a low of $5.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Ovintiv Inc. stock is 2.90 for the next 12 months. The average price target is 31.35% above its last price level and an upside to the estimated low will see the stock lose -123.8% over that period. But an upside of 62.7% will see the stock hit the forecast high price target while mean target price for the stock is $11.25.
Insiders at the company have transacted a total of 78 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 62 of these insider trades were purchases, accounting for 651,938 shares. Insider sales of the common stock occurred on 16 occasions, with total insider shares sold totaling 254,403 shares.
The top 3 mutual fund holders in Ovintiv Inc. are Dodge & Cox Funds – International, Vanguard Total Stock Market Index, and Dodge & Cox Funds – Global Stock. Dodge & Cox Funds – International owns 28.49 million shares of the company’s stock, all valued at over $276.02 million. Vanguard Total Stock Market Index sold 4807.0 shares to see its total holdings shrink to 7.05 million shares valued at over $68.3 million and representing 2.71% of the shares outstanding. Dodge & Cox Funds – Global Stock now owns shares totaling to 2.42% of the shares outstanding.
Shares of Ovintiv Inc. (NYSE: OVV) opened at $11.15, up $0.07 from a prior closing price of $11.08. However, the script later closed the day at $11.19, up 0.99%. The company’s stock has a 5-day price change of -4.77% and 27.01% over the past three months. OVV shares are trading -52.28% year to date (YTD), with the 12-month market performance down to -48.79% lower. It has a 12-month low price of $2.10 and touched a high of $28.75 over the same period. Currently, 2.89 million shares have been traded, compared to an average intraday trading volume of 6.83 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.87%, 5.23%, and -6.54% respectively.
Institutional ownership of Ovintiv Inc. (NYSE: OVV) shares accounts for 73.40% of the company’s 298.80M shares outstanding. Mutual fund holders own 25.42%, while other institutional holders and individual stakeholders account for 48.72% and 0.25% respectively.
It has a market capitalization of $2.89B and a beta (3y monthly) value of 4.11. The earnings-per-share (ttm) stands at -$12.51. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.12% over the week and 5.01% over the month.
Analysts forecast that Ovintiv Inc. (OVV) will achieve an EPS of -$0.23 for the current quarter, $0.13 for the next quarter and $0.05 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.45 while analysts give the company a high EPS estimate of $0.1. Comparatively, EPS for the current quarter was $0.75 a year ago. Earnings per share for the fiscal year are expected to decrease by -83.90%, and 109.30% over the next financial year. EPS should grow at an annualized rate of -10.00% over the next five years, compared to -47.70% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 29 brokerage firm advisors rate Ovintiv Inc. (OVV) as a “Moderate Buy” at a consensus score of 2.90. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 19 of the 29 advise that investors “hold,” and 3 rated it as a “Sell.”
Looking at the support for the OVV, a number of firms have released research notes about the stock. Credit Suisse stated their Neutral rating for the stock in a research note on August 05, 2020, with the firm’s price target at $11. Wolfe Research coverage for the Ovintiv Inc. (OVV) stock in a research note released on July 15, 2020 offered a Peer Perform rating with a price target of. BMO Capital Markets was of a view on June 29, 2020 that the stock is Outperform, while Mizuho gave the stock Neutral rating on June 19, 2020, issuing a price target of. BofA/Merrill on their part issued Buy rating on May 14, 2020.