GAMMA Investing LLC Acquires 234,358 Shares of Ovintiv Inc. (NYSE:OVV)

GAMMA Investing LLC raised its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 7,266.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 237,583 shares of the company's stock after purchasing an additional 234,358 shares during the quarter. GAMMA Investing LLC owned 0.09% of Ovintiv worth $10,169,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted 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 purchasing an additional 451,947 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Ovintiv by 14.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company's stock worth $225,265,000 after acquiring an additional 683,700 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted 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 acquiring an additional 3,203,087 shares in the last quarter. AQR Capital Management LLC boosted 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 acquiring an additional 1,348,221 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Ovintiv by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company's stock worth $118,530,000 after acquiring an additional 8,168 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OVV has been the topic of several recent analyst reports. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Wells Fargo & Company boosted their target price on Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 22nd. Williams Trading set a $58.00 target price on Ovintiv in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $50.00 target price on shares of Ovintiv in a report on Tuesday, April 15th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of "Buy" and an average target price of $55.00.

Ovintiv Trading Up 3.4%

Shares of Ovintiv stock traded up $1.33 on Wednesday, hitting $40.70. 6,040,857 shares of the company's stock traded hands, compared to its average volume of 3,377,245. The firm's 50-day moving average price is $35.46 and its two-hundred day moving average price is $39.88. The stock has a market capitalization of $10.57 billion, a PE ratio of 5.40 and a beta of 1.09. Ovintiv Inc. has a one year low of $29.80 and a one year high of $49.57. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv (NYSE:OVV - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.20 by $0.22. The company had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. On average, research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's payout ratio is 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.