Brandywine Global Investment Management LLC Takes $8.49 Million Position in Ovintiv Inc. (NYSE:OVV)

Key Points

• Brandywine Global Investment Management LLC invested approximately $8.49 million in Ovintiv Inc., acquiring 198,274 shares in the first quarter of the year.
• Hedge fund ownership is significant, with 83.81% of Ovintiv's stock held by institutional investors, including Vanguard Group and Charles Schwab Investment Management.
• Analysts maintain a positive outlook on Ovintiv, with a consensus rating of "Buy" and an average price target of $53.47.

Brandywine Global Investment Management LLC purchased a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 198,274 shares of the company's stock, valued at approximately $8,486,000. Brandywine Global Investment Management LLC owned about 0.08% of Ovintiv as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 959,711 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Ovintiv by 383.8% in 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 period. Dimensional Fund Advisors LP raised its position in Ovintiv by 2.6% in 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 period. AQR Capital Management LLC raised its position in Ovintiv by 69.7% in 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 period. Finally, Bank of New York Mellon Corp raised its position in Ovintiv by 0.6% in 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 period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on OVV. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Mizuho lowered their price target on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Citigroup set a $54.00 price target on shares of Ovintiv and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Barclays boosted their price target on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Finally, Wells Fargo & Company lowered their price target on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, June 16th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $53.47.

Ovintiv Price Performance

OVV stock opened at $39.43 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. Ovintiv Inc. has a one year low of $29.80 and a one year high of $47.18. The stock has a market cap of $10.14 billion, a PE ratio of 17.45, a P/E/G ratio of 4.77 and a beta of 1.10. The firm has a 50 day simple moving average of $40.14 and a two-hundred day simple moving average of $39.13.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. The company had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.92 billion. On average, analysts predict that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. Ovintiv's dividend payout ratio is 53.10%.

Ovintiv Company 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.

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