Ovintiv Inc. $OVV Shares Purchased by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital increased its Ovintiv stake by 16.9% in the first quarter, buying more than 1.1 million shares and bringing its total holding to 7.88 million shares worth about $467.9 million.
• Ovintiv reported mixed quarterly results: earnings of $1.74 per share missed estimates, but revenue of $3.01 billion came in above expectations.
• The company continues to pay a quarterly dividend of $0.30 per share, while analysts currently rate the stock a Moderate Buy with an average target price of $65.63.

Arrowstreet Capital Limited Partnership raised its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 16.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,880,705 shares of the company's stock after purchasing an additional 1,137,162 shares during the period. Arrowstreet Capital Limited Partnership owned 2.80% of Ovintiv worth $467,874,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sei Investments Co. lifted its position in Ovintiv by 46.2% in the first quarter. Sei Investments Co. now owns 412,758 shares of the company's stock valued at $24,501,000 after acquiring an additional 130,405 shares during the last quarter. Lido Advisors LLC lifted its holdings in shares of Ovintiv by 18.4% in the 1st quarter. Lido Advisors LLC now owns 46,500 shares of the company's stock valued at $2,760,000 after purchasing an additional 7,219 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Ovintiv by 8.1% in the 1st quarter. Cetera Investment Advisers now owns 37,656 shares of the company's stock valued at $2,235,000 after purchasing an additional 2,809 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Ovintiv by 74.2% in the 1st quarter. First Trust Advisors LP now owns 1,481,562 shares of the company's stock valued at $87,946,000 after purchasing an additional 631,262 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of Ovintiv by 13.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 17,414 shares of the company's stock valued at $1,034,000 after purchasing an additional 2,027 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv Stock Up 1.5%

OVV opened at $61.41 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $63.46. The stock has a market capitalization of $17.26 billion, a P/E ratio of 19.81 and a beta of 0.53. The business has a 50 day simple moving average of $56.31 and a 200-day simple moving average of $53.03.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. On average, equities analysts anticipate that Ovintiv Inc. will post 7.08 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.30 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. Ovintiv's dividend payout ratio (DPR) is 38.71%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on OVV. Morgan Stanley cut their target price on shares of Ovintiv from $68.00 to $65.00 and set an "equal weight" rating on the stock in a report on Monday, June 29th. Barclays raised their price objective on shares of Ovintiv from $68.00 to $75.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 26th. Wells Fargo & Company upgraded shares of Ovintiv from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $57.00 to $80.00 in a research note on Monday, June 22nd. Roth Capital upped their target price on shares of Ovintiv from $50.00 to $55.00 and gave the company a "neutral" rating in a report on Wednesday, June 24th. Finally, National Bank Financial boosted their price target on Ovintiv from $82.00 to $83.00 and gave the company an "outperform" rating in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $65.63.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv's upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company's core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.

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