GW&K Investment Management LLC Increases Position in Ovintiv Inc. (NYSE:OVV)

GW&K Investment Management LLC raised its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 1.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,123,668 shares of the company's stock after acquiring an additional 15,795 shares during the period. GW&K Investment Management LLC owned approximately 0.43% of Ovintiv worth $48,093,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OVV. Vanguard Group Inc. grew its holdings in Ovintiv by 1.6% in 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 during the period. Dimensional Fund Advisors LP increased its position in Ovintiv by 14.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company's stock worth $225,265,000 after purchasing an additional 683,700 shares during the period. Arrowstreet Capital Limited Partnership grew 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 worth $137,134,000 after buying an additional 3,203,087 shares during the period. AQR Capital Management LLC grew 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 worth $132,992,000 after buying an additional 1,348,221 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Ovintiv by 0.6% during the 1st quarter. Bank of New York Mellon Corp now owns 2,945,159 shares of the company's stock worth $126,053,000 after buying an additional 18,490 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

OVV has been the topic of several research reports. Citigroup set a $54.00 target price on Ovintiv and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company decreased their price objective on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, June 16th. Mizuho cut their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Morgan Stanley reiterated an "overweight" rating and set a $50.00 target price on shares of Ovintiv in a research report on Tuesday, April 15th. Finally, TD Cowen upgraded Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $53.81.

Ovintiv Price Performance

OVV stock traded down $0.21 during trading on Thursday, hitting $39.27. The stock had a trading volume of 1,819,781 shares, compared to its average volume of 3,567,875. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.43 and a quick ratio of 0.43. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $48.35. The stock has a market capitalization of $10.20 billion, a P/E ratio of 16.69, a PEG ratio of 2.19 and a beta of 1.08. The company's 50-day moving average price is $38.92 and its two-hundred day moving average price is $39.63.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.23 billion. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. As a group, research analysts predict that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.06%. The ex-dividend date was Friday, June 13th. Ovintiv's payout ratio is presently 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.