Ovintiv Inc. $OVV Shares Bought by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Ovintiv Inc. by 106.2%, owning over 1.5 million shares valued at approximately $65.7 million as of its latest SEC filing.
• Ovintiv announced a quarterly dividend of $0.30 per share, with an annualized yield of 2.8%, which will be paid on September 29th.
• The stock has received positive attention from analysts, with multiple upgrades and an average price target of $53.07, indicating strong market performance expectations.

Adage Capital Partners GP L.L.C. grew its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 106.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,534,004 shares of the company's stock after acquiring an additional 790,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.59% of Ovintiv worth $65,655,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Ovintiv by 3.3% during the first quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company's stock worth $1,302,113,000 after acquiring an additional 959,711 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Ovintiv by 383.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock worth $396,267,000 after acquiring an additional 7,344,796 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in Ovintiv by 3.5% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 8,437,152 shares of the company's stock worth $361,110,000 after acquiring an additional 284,656 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Ovintiv by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 5,708,987 shares of the company's stock worth $244,338,000 after acquiring an additional 146,749 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Ovintiv by 0.6% during the first quarter. Bank of New York Mellon Corp now owns 2,945,159 shares of the company's stock worth $126,053,000 after acquiring an additional 18,490 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of recent research reports. Wells Fargo & Company lowered their target price on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research note on Monday, June 16th. Morgan Stanley set a $48.00 target price on Ovintiv and gave the company an "equal weight" rating in a research note on Monday, August 18th. UBS Group increased their target price on Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. TD Cowen upgraded Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Barclays increased their target price on Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Ovintiv presently has a consensus rating of "Buy" and an average target price of $53.07.

Ovintiv Stock Performance

Shares of NYSE OVV traded down $1.51 during mid-day trading on Friday, hitting $41.09. The company had a trading volume of 3,572,283 shares, compared to its average volume of 2,742,032. The stock has a market cap of $10.56 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 5.28 and a beta of 1.08. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $47.18. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The firm's 50 day simple moving average is $40.40 and its two-hundred day simple moving average is $38.86.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.92 billion. As a group, equities research analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. Ovintiv's dividend payout ratio (DPR) is 53.10%.

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.