Ovintiv Inc. (NYSE:OVV) Shares Purchased by QRG Capital Management Inc.

QRG Capital Management Inc. lifted its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 28.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 57,105 shares of the company's stock after purchasing an additional 12,510 shares during the quarter. QRG Capital Management Inc.'s holdings in Ovintiv were worth $2,444,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in OVV. Colonial Trust Co SC purchased a new stake in Ovintiv during the 4th quarter valued at approximately $28,000. Smartleaf Asset Management LLC raised its stake in Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after acquiring an additional 335 shares during the last quarter. Optiver Holding B.V. purchased a new stake in Ovintiv during the 4th quarter valued at approximately $40,000. Mizuho Bank Ltd. purchased a new stake in Ovintiv during the 4th quarter valued at approximately $40,000. Finally, Cullen Frost Bankers Inc. raised its stake in Ovintiv by 3,571.4% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock valued at $42,000 after acquiring an additional 1,000 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Price Performance

OVV opened at $41.23 on Thursday. The stock has a fifty day moving average of $36.26 and a 200-day moving average of $39.74. The firm has a market capitalization of $10.71 billion, a P/E ratio of 17.55, a PEG ratio of 2.27 and a beta of 1.09. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $49.57. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.44.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. The company had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. Equities analysts forecast 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 yield of 2.91%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's payout ratio is 51.06%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on OVV shares. JPMorgan Chase & Co. cut their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Williams Trading set a $58.00 target price on Ovintiv in a research note on Wednesday, March 5th. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. Wells Fargo & Company cut their target price on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research note on Monday. Finally, Morgan Stanley reissued an "overweight" rating and set a $50.00 target price on shares of Ovintiv in a research note on Tuesday, April 15th. Two equities research 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 stock. Based on data from MarketBeat.com, Ovintiv has a consensus rating of "Buy" and a consensus target price of $54.69.

Ovintiv 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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