Bank of New York Mellon Corp Increases Stock Position in Ovintiv Inc. (NYSE:OVV)

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

A number of other hedge funds have also made changes to their positions in OVV. Arrowstreet Capital Limited Partnership boosted its holdings 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 valued at $137,134,000 after acquiring an additional 3,203,087 shares during the period. Price T Rowe Associates Inc. MD raised its position in Ovintiv by 1,577.4% in 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 in the last quarter. Alyeska Investment Group L.P. raised its holdings in Ovintiv by 243.6% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock worth $103,870,000 after buying an additional 1,818,337 shares during the period. AQR Capital Management LLC lifted its stake in Ovintiv by 69.7% during the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock valued at $132,992,000 after buying an additional 1,348,221 shares in the last quarter. Finally, Webs Creek Capital Management LP purchased a new stake in Ovintiv during the fourth quarter valued at about $54,086,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv Stock Down 1.5%

Shares of NYSE OVV traded down $0.61 during trading on Wednesday, hitting $40.51. 2,601,586 shares of the company traded hands, compared to its average volume of 3,628,283. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.43 and a current ratio of 0.43. The business's fifty day moving average is $37.96 and its 200 day moving average is $39.59. The firm has a market capitalization of $10.53 billion, a price-to-earnings ratio of 17.24, a P/E/G ratio of 2.21 and a beta of 1.08. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $49.57.

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

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date was Friday, June 13th. Ovintiv's payout ratio is 51.06%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on OVV shares. Citigroup set a $54.00 target price on Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. The Goldman Sachs Group upgraded Ovintiv from a "neutral" rating to a "buy" rating and upped their target price for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. Wells Fargo & Company dropped their price objective on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, June 16th. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Finally, Scotiabank upgraded Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $54.59.

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.