Ovintiv Inc. (NYSE:OVV) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 0.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,945,159 shares of the company's stock after acquiring an additional 18,490 shares during the period. Bank of New York Mellon Corp owned 1.13% of Ovintiv worth $126,053,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of OVV. Arrowstreet Capital Limited Partnership grew its position in shares of Ovintiv by 1,732.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock worth $137,134,000 after acquiring an additional 3,203,087 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Ovintiv by 1,577.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock worth $99,587,000 after acquiring an additional 2,312,292 shares during the last quarter. Alyeska Investment Group L.P. grew its position in shares of Ovintiv by 243.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock worth $103,870,000 after acquiring an additional 1,818,337 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Ovintiv by 69.7% during the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock worth $132,992,000 after acquiring an additional 1,348,221 shares during the last quarter. Finally, Webs Creek Capital Management LP purchased a new position in Ovintiv in the 4th quarter valued at $54,086,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OVV has been the topic of a number of analyst reports. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the company a "buy" rating in a research report on Wednesday, July 2nd. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Finally, Scotiabank lifted their price objective on shares of Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $54.47.

Ovintiv Price Performance

Shares of NYSE:OVV traded up $1.02 during midday trading on Friday, hitting $41.93. 3,424,169 shares of the stock were exchanged, compared to its average volume of 3,357,076. The stock has a market cap of $10.89 billion, a P/E ratio of 17.84, a PEG ratio of 2.36 and a beta of 1.08. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $49.57. The company has a 50 day moving average price of $38.36 and a 200-day moving average price of $39.64.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.22. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. On average, research analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend was Friday, June 13th. Ovintiv's dividend payout ratio (DPR) is presently 51.06%.

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.