QRG Capital Management Inc. Has $2.44 Million Position in Ovintiv Inc. (NYSE:OVV)

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

A number of other hedge funds have also recently added to or reduced their stakes in OVV. Arrowstreet Capital Limited Partnership increased its stake 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 purchasing an additional 3,203,087 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Ovintiv by 1,577.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock worth $99,587,000 after buying an additional 2,312,292 shares during the last quarter. Alyeska Investment Group L.P. increased its position in Ovintiv by 243.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock worth $103,870,000 after buying an additional 1,818,337 shares during the last quarter. AQR Capital Management LLC increased its position in Ovintiv by 69.7% during the fourth 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 last quarter. Finally, Webs Creek Capital Management LP acquired a new position in Ovintiv during the fourth quarter worth $54,086,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Analyst Ratings Changes

OVV has been the topic of a number of analyst reports. Barclays lowered their price objective on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Williams Trading set a $58.00 price target on Ovintiv in a report on Wednesday, March 5th. Wells Fargo & Company lowered their price target on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, June 16th. JPMorgan Chase & Co. lowered their price target on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Finally, Scotiabank upgraded shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $54.69.

Ovintiv Stock Performance

NYSE OVV traded up $0.34 during midday trading on Friday, hitting $41.56. The company had a trading volume of 3,028,112 shares, compared to its average volume of 3,329,248. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.44. The stock has a market cap of $10.80 billion, a price-to-earnings ratio of 17.69, a P/E/G ratio of 2.26 and a beta of 1.09. The firm has a fifty day simple moving average of $36.63 and a two-hundred day simple moving average of $39.68. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $49.57.

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. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. The business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. Equities analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.89%. The ex-dividend date is Friday, June 13th. Ovintiv's payout ratio is presently 51.06%.

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.