Hotchkis & Wiley Capital Management LLC Buys 284,656 Shares of Ovintiv Inc. $OVV

Key Points

• Hotchkis & Wiley Capital Management LLC increased its holdings in Ovintiv Inc. by purchasing an additional 284,656 shares, now owning a total of 8.4 million shares worth about $361 million.
• Multiple hedge funds have significantly modified their positions in Ovintiv, with Atlas Capital Advisors boosting its stake by 1,681.1%, signaling growing institutional interest in the company.
• Ovintiv announced a quarterly dividend of $0.30 per share, representing an annualized yield of 2.9%, as part of its financial strategy.

Hotchkis & Wiley Capital Management LLC increased its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,437,152 shares of the company's stock after acquiring an additional 284,656 shares during the period. Ovintiv comprises approximately 1.2% of Hotchkis & Wiley Capital Management LLC's portfolio, making the stock its 26th biggest holding. Hotchkis & Wiley Capital Management LLC owned about 3.25% of Ovintiv worth $361,110,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Colonial Trust Co SC purchased a new stake in shares of Ovintiv during the fourth quarter worth $28,000. Harbour Investments Inc. raised its holdings in shares of Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock worth $39,000 after acquiring an additional 542 shares in the last quarter. Optiver Holding B.V. purchased a new stake in shares of Ovintiv during the fourth quarter worth $40,000. Gen Wealth Partners Inc raised its holdings in shares of Ovintiv by 91.8% during the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock worth $43,000 after acquiring an additional 484 shares in the last quarter. Finally, SVB Wealth LLC purchased a new stake in shares of Ovintiv during the first quarter worth $48,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

Shares of NYSE:OVV traded up $0.59 during midday trading on Wednesday, hitting $41.50. The company's stock had a trading volume of 2,260,023 shares, compared to its average volume of 3,531,844. The stock has a market capitalization of $10.67 billion, a price-to-earnings ratio of 18.36, a PEG ratio of 5.14 and a beta of 1.10. The stock's 50 day simple moving average is $40.03 and its 200 day simple moving average is $38.98. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43.

Ovintiv (NYSE:OVV - Get Free Report) last issued 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 during the quarter, compared to analyst estimates of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. As a group, research analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, September 15th. Ovintiv's dividend payout ratio (DPR) is presently 53.10%.

Analyst Ratings Changes

OVV has been the topic of several analyst reports. Scotiabank increased their target price on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. UBS Group increased their target price on shares of Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Morgan Stanley set a $48.00 target price on shares of Ovintiv and gave the stock an "equal weight" rating in a research report on Monday, August 18th. Mizuho lowered their target price 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. Finally, Barclays increased their target price on shares of Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $53.07.

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.