AQR Capital Management LLC Purchases 1,348,221 Shares of Ovintiv Inc. (NYSE:OVV)

AQR Capital Management LLC raised its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 69.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,283,743 shares of the company's stock after buying an additional 1,348,221 shares during the period. AQR Capital Management LLC owned about 1.26% of Ovintiv worth $132,992,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Tidal Investments LLC acquired a new stake in Ovintiv during the 3rd quarter valued at $409,000. Franklin Resources Inc. grew its stake in shares of Ovintiv by 16.0% in the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company's stock valued at $11,527,000 after buying an additional 37,341 shares in the last quarter. Retirement Systems of Alabama increased its stake in shares of Ovintiv by 4.4% during the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company's stock worth $12,288,000 after purchasing an additional 13,536 shares during the last quarter. JPMorgan Chase & Co. increased its position in Ovintiv by 0.5% during the third quarter. JPMorgan Chase & Co. now owns 1,172,375 shares of the company's stock worth $44,914,000 after buying an additional 5,832 shares during the last quarter. Finally, Modus Advisors LLC raised its stake in shares of Ovintiv by 3.1% in the 4th quarter. Modus Advisors LLC now owns 111,958 shares of the company's stock valued at $4,534,000 after acquiring an additional 3,401 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Trading Up 3.3 %

NYSE OVV traded up $1.14 on Friday, reaching $35.52. The company had a trading volume of 4,070,733 shares, compared to its average volume of 3,199,524. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $52.90. The stock's 50 day moving average is $37.68 and its 200-day moving average is $40.82. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a market cap of $9.25 billion, a price-to-earnings ratio of 4.71 and a beta of 2.04.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date was Friday, March 14th. Ovintiv's dividend payout ratio is currently 28.57%.

Analysts Set New Price Targets

OVV has been the subject of a number of research analyst reports. National Bankshares boosted their target price on shares of Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Wells Fargo & Company increased their price objective on shares of Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. cut their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Bank of America upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and reduced their price target for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Finally, Morgan Stanley restated an "overweight" rating and set a $50.00 target price on shares of Ovintiv in a report on Tuesday, April 15th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $55.76.

Ovintiv Profile

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.