Ovintiv Inc. $OVV Shares Bought by Bridgeway Capital Management LLC

Key Points

• Bridgeway Capital Management LLC increased its stake in Ovintiv Inc. by 92.1%, now owning 63,600 shares worth approximately $2.72 million.
• Ovintiv's quarterly earnings report showed an EPS of $1.02, missing estimates, with revenue of $1.79 billion against an expectation of $1.92 billion.
• The company announced a $0.30 quarterly dividend payable on September 29th, with a 2.9% dividend yield and a payout ratio of 53.10%.

Bridgeway Capital Management LLC grew its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 92.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 63,600 shares of the company's stock after purchasing an additional 30,500 shares during the period. Bridgeway Capital Management LLC's holdings in Ovintiv were worth $2,722,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Ovintiv by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company's stock worth $1,302,113,000 after purchasing an additional 959,711 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Ovintiv by 383.8% during 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 in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Ovintiv by 3.5% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 8,437,152 shares of the company's stock worth $361,110,000 after purchasing an additional 284,656 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Ovintiv by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,708,987 shares of the company's stock worth $244,338,000 after purchasing an additional 146,749 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Ovintiv by 69.7% during the 1st quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company's stock worth $238,513,000 after purchasing an additional 2,288,989 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Trading Down 1.6%

Shares of OVV traded down $0.71 on Thursday, hitting $42.16. 1,751,881 shares of the stock traded hands, compared to its average volume of 3,502,106. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $47.18. The stock's 50 day moving average is $40.56 and its two-hundred day moving average is $38.84. The firm has a market capitalization of $10.84 billion, a P/E ratio of 18.66, a P/E/G ratio of 5.32 and a beta of 1.08. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). The firm had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. As a group, sell-side analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The company 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. This represents a $1.20 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's payout ratio is presently 53.10%.

Analysts Set New Price Targets

Several equities research analysts recently commented on OVV shares. Barclays boosted their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Scotiabank boosted their price objective on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. UBS Group boosted their price objective 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. Finally, Wells Fargo & Company decreased their price objective on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, June 16th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Ovintiv currently has a consensus rating of "Buy" and a consensus price target of $53.07.

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.