Quantitative Investment Management LLC Makes New Investment in Ovintiv Inc. $OVV

Key Points

• Quantitative Investment Management LLC has acquired a new position in Ovintiv Inc., purchasing 20,658 shares valued at approximately $884,000 in the first quarter.
• Ovintiv recently declared a quarterly dividend of $0.30 per share, resulting in an annualized dividend yield of 2.9% for shareholders.
• Wall Street analysts have a positive outlook on Ovintiv, with an average target price of $53.07 and a majority rating of "Buy."

Quantitative Investment Management LLC bought a new position in Ovintiv Inc. (NYSE:OVV - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 20,658 shares of the company's stock, valued at approximately $884,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Ovintiv by 3.3% in the first 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 during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Ovintiv by 383.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock valued at $396,267,000 after buying an additional 7,344,796 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Ovintiv by 3.5% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 8,437,152 shares of the company's stock valued at $361,110,000 after buying an additional 284,656 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Ovintiv by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 5,708,987 shares of the company's stock valued at $244,338,000 after buying an additional 146,749 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Ovintiv by 69.7% in the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock valued at $132,992,000 after buying an additional 1,348,221 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Trading Up 4.2%

Ovintiv stock opened at $40.8850 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market capitalization of $10.51 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 5.10 and a beta of 1.10. Ovintiv Inc. has a one year low of $29.80 and a one year high of $47.18. The company's fifty day moving average price is $40.04 and its two-hundred day moving average price is $38.98.

Ovintiv (NYSE:OVV - Get Free Report) last posted 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 business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. On average, analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Monday, September 15th. Ovintiv's dividend payout ratio is 53.10%.

Wall Street Analyst Weigh In

OVV has been the topic of several research reports. Citigroup set a $54.00 price target on Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. UBS Group boosted their target price on shares of Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and boosted their target price for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Morgan Stanley set a $48.00 target price on shares of Ovintiv and gave the company an "equal weight" rating in a research note on Monday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Ovintiv presently has an average rating of "Buy" and a consensus target price 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.

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