Ieq Capital LLC Buys 80,887 Shares of Ovintiv Inc. $OVV

Key Points

• Ieq Capital LLC increased its stake in Ovintiv Inc. by 50.8% in Q1, acquiring an additional 80,887 shares, bringing its total to 240,171 shares valued at $10.27 million.
• Ovintiv recently reported $1.02 EPS for the last quarter, missing estimates by $0.02, with a revenue of $1.79 billion against expectations of $1.92 billion.
• The company declared a quarterly dividend of $0.30, with a yield of 2.9% and a payout ratio of 53.10%, to be paid on September 29th.

Ieq Capital LLC lifted its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 50.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 240,171 shares of the company's stock after purchasing an additional 80,887 shares during the period. Ieq Capital LLC owned about 0.09% of Ovintiv worth $10,279,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in OVV. Charles Schwab Investment Management Inc. grew its stake in shares of Ovintiv by 383.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock worth $396,267,000 after purchasing an additional 7,344,796 shares during the last quarter. Alyeska Investment Group L.P. increased its position in shares of Ovintiv by 243.6% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock worth $103,870,000 after acquiring an additional 1,818,337 shares in the last quarter. AQR Capital Management LLC increased its position in shares of 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 acquiring an additional 1,348,221 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Ovintiv in the first quarter worth approximately $56,865,000. Finally, Freestone Grove Partners LP purchased a new position in shares of Ovintiv in the fourth quarter worth approximately $45,243,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv Stock Up 0.5%

NYSE OVV traded up $0.20 during trading on Friday, reaching $42.17. The company's stock had a trading volume of 2,540,319 shares, compared to its average volume of 2,852,228. 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 stock has a market capitalization of $10.84 billion, a PE ratio of 7.47, a PEG ratio of 5.25 and a beta of 1.10. The business has a 50-day moving average price of $40.06 and a 200-day moving average price of $38.96. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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%. On average, research analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a $0.30 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. Ovintiv's payout ratio is 53.10%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on OVV shares. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Mizuho dropped 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. 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. Finally, UBS Group lifted 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. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Ovintiv currently has a consensus rating of "Buy" and a consensus target price 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.