Ruffer LLP Makes New $9.74 Million Investment in Ovintiv Inc. $OVV

Key Points

• Ruffer LLP has made a new investment in Ovintiv Inc., purchasing 256,076 shares valued at approximately $9.74 million, representing a 0.10% stake in the company.
• Ovintiv recently declared a quarterly dividend of $0.30 per share, with an annualized dividend yield of 2.8% and a payout ratio of 53.10%.
• Research analysts have set a consensus price target of $52.53 for Ovintiv, with two analysts giving a Strong Buy rating and others issuing Buy or Hold ratings.

Ruffer LLP bought a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 256,076 shares of the company's stock, valued at approximately $9,744,000. Ruffer LLP owned 0.10% of Ovintiv as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Ovintiv by 3.3% in the first quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company's stock valued at $1,302,113,000 after purchasing an additional 959,711 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position 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 acquiring an additional 7,344,796 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its position 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 acquiring an additional 284,656 shares during the period. Dimensional Fund Advisors LP boosted its position 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 acquiring an additional 146,749 shares during the period. Finally, AQR Capital Management LLC boosted its position in shares of Ovintiv by 69.7% in the first quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company's stock valued at $238,513,000 after acquiring an additional 2,288,989 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Trading Up 2.2%

Shares of OVV opened at $42.78 on Thursday. The business has a 50-day moving average of $40.82 and a 200 day moving average of $38.91. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18. The firm has a market cap of $11.00 billion, a P/E ratio of 18.93, a price-to-earnings-growth ratio of 5.37 and a beta of 1.08. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43.

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

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. Ovintiv's dividend payout ratio (DPR) is 53.10%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Barclays boosted their price target on Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. TD Cowen raised Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Wells Fargo & Company decreased their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, June 16th. UBS Group increased their target price on shares of Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Finally, The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and increased their target price for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $52.53.

Ovintiv Company 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.

Want to see what other hedge funds are holding OVV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ovintiv Inc. (NYSE:OVV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.