Nuveen Asset Management LLC Acquires 47,903 Shares of Ovintiv Inc. (NYSE:OVV)

Nuveen Asset Management LLC lifted its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 6.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 846,729 shares of the company's stock after purchasing an additional 47,903 shares during the period. Nuveen Asset Management LLC owned 0.33% of Ovintiv worth $34,293,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in OVV. Arrowstreet Capital Limited Partnership boosted its position in shares of Ovintiv by 1,732.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock valued at $137,134,000 after purchasing an additional 3,203,087 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Ovintiv by 1,577.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock valued at $99,587,000 after purchasing an additional 2,312,292 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in shares of Ovintiv by 243.6% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock valued at $103,870,000 after purchasing an additional 1,818,337 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Ovintiv by 69.7% during the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock valued at $132,992,000 after purchasing an additional 1,348,221 shares in the last quarter. Finally, Webs Creek Capital Management LP bought a new stake in shares of Ovintiv during the 4th quarter valued at about $54,086,000. Institutional investors own 83.81% of the company's stock.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $35.91 on Thursday. The company has a market cap of $9.33 billion, a PE ratio of 4.76 and a beta of 1.14. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $51.72. The business has a 50 day moving average price of $36.84 and a 200-day moving average price of $40.52. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

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 the consensus estimate of $1.20 by $0.22. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. Equities analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's payout ratio is 51.06%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Scotiabank upgraded Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. Wells Fargo & Company increased their price target on Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 22nd. National Bankshares increased their price target on Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Mizuho cut their price target on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $50.00 price target on shares of Ovintiv in a report on Tuesday, April 15th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $55.65.

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.

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