Cwm LLC Raises Stock Position in Ovintiv Inc. (NYSE:OVV)

CWM LLC raised its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 55.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 90,551 shares of the company's stock after buying an additional 32,354 shares during the period. CWM LLC's holdings in Ovintiv were worth $3,876,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Ovintiv by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company's stock valued at $1,193,272,000 after buying an additional 451,947 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Ovintiv by 14.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company's stock valued at $225,265,000 after buying an additional 683,700 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in 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 buying an additional 3,203,087 shares during the last quarter. AQR Capital Management LLC increased its holdings 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 during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings 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 valued at $126,053,000 after buying an additional 18,490 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OVV. Mizuho reduced their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Barclays increased their price objective on shares of Ovintiv from $53.00 to $55.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $47.00 to $51.00 in a research note on Tuesday, July 1st. Finally, Wells Fargo & Company reduced their price objective on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research note on Monday, June 16th. 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 company. Based on data from MarketBeat, Ovintiv presently has an average rating of "Buy" and an average price target of $54.47.

Ovintiv Price Performance

Shares of NYSE:OVV traded up $0.70 on Thursday, reaching $40.02. The company's stock had a trading volume of 3,349,260 shares, compared to its average volume of 3,356,136. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $48.81. The company has a market cap of $10.40 billion, a P/E ratio of 6.71, a PEG ratio of 2.18 and a beta of 1.08. The company has a 50-day simple moving average of $38.73 and a 200 day simple moving average of $39.68. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.43 and a current ratio of 0.43.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. The business had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.23 billion. As a group, equities research analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.00%. Ovintiv's payout ratio is currently 51.06%.

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.