Charles Schwab Investment Management Inc. Purchases 7,344,796 Shares of Ovintiv Inc. (NYSE:OVV)

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Ovintiv Inc. by 383.8%, owning 9,258,570 shares valued at approximately $396 million as of its latest SEC filing.
• Ovintiv has announced a quarterly dividend of $0.30 per share, representing a 3.0% yield with a payout ratio of 53.10%.
• Several analysts have given bullish ratings on Ovintiv, with a consensus "Buy" rating and an average price target of $53.47, indicating potential for growth.

Charles Schwab Investment Management Inc. increased its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 383.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,258,570 shares of the company's stock after purchasing an additional 7,344,796 shares during the quarter. Charles Schwab Investment Management Inc. owned about 3.56% of Ovintiv worth $396,267,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Ovintiv by 3.3% in 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 period. Dimensional Fund Advisors LP raised its holdings in Ovintiv by 14.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company's stock worth $225,265,000 after purchasing an additional 683,700 shares during the period. AQR Capital Management LLC raised its holdings 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 purchasing an additional 1,348,221 shares during the period. Bank of New York Mellon Corp lifted its stake 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 valued at $126,053,000 after buying an additional 18,490 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Ovintiv by 23.7% in the fourth quarter. Northern Trust Corp now owns 2,612,740 shares of the company's stock valued at $105,816,000 after buying an additional 501,156 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Barclays boosted their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Mizuho lowered their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Scotiabank lifted their target price on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a report on Friday, July 11th. Finally, TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $53.47.

Ovintiv Price Performance

NYSE:OVV traded up $0.67 on Tuesday, hitting $39.60. The company had a trading volume of 2,064,112 shares, compared to its average volume of 3,576,847. The stock has a market capitalization of $10.18 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 4.83 and a beta of 1.10. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The firm has a 50 day moving average of $39.98 and a two-hundred day moving average of $39.22. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $47.18.

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

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's dividend payout ratio is currently 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.