Envestnet Asset Management Inc. Purchases 326,489 Shares of Ovintiv Inc. (NYSE:OVV)

Envestnet Asset Management Inc. lifted its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 144.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 552,905 shares of the company's stock after buying an additional 326,489 shares during the period. Envestnet Asset Management Inc. owned about 0.21% of Ovintiv worth $23,664,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in OVV. Arrowstreet Capital Limited Partnership increased its holdings in shares of Ovintiv by 1,732.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock worth $137,134,000 after buying an additional 3,203,087 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Ovintiv by 1,577.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock worth $99,587,000 after buying an additional 2,312,292 shares during the last quarter. Alyeska Investment Group L.P. increased its holdings in shares of Ovintiv by 243.6% in 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 last quarter. AQR Capital Management LLC increased its holdings in shares of Ovintiv by 69.7% in the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock worth $132,992,000 after buying an additional 1,348,221 shares during the last quarter. Finally, Webs Creek Capital Management LP bought a new stake in shares of Ovintiv in the 4th quarter worth about $54,086,000. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Up 1.6%

Shares of OVV traded up $0.62 during mid-day trading on Thursday, hitting $39.94. The company's stock had a trading volume of 1,364,843 shares, compared to its average volume of 3,348,166. The company's 50-day moving average is $38.73 and its 200-day moving average is $39.68. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $49.57. The firm has a market capitalization of $10.38 billion, a price-to-earnings ratio of 16.97, a PEG ratio of 2.24 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 (NYSE:OVV - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.22. The firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. On average, equities research analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.00%. Ovintiv's dividend payout ratio (DPR) is presently 51.06%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on OVV shares. Mizuho reduced their target price on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Scotiabank upped their price target on shares of Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a report on Friday, July 11th. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and upped their price target for the company from $55.00 to $57.00 in a report on Monday, March 24th. Finally, The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and upped their price target for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Ovintiv currently has an average rating of "Buy" and a consensus price target of $54.47.

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.