Vanguard Group Inc. Buys 959,711 Shares of Ovintiv Inc. (NYSE:OVV)

Vanguard Group Inc. grew its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 3.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,423,206 shares of the company's stock after purchasing an additional 959,711 shares during the period. Vanguard Group Inc. owned about 11.68% of Ovintiv worth $1,302,113,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in Ovintiv by 14.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company's stock valued at $225,265,000 after acquiring an additional 683,700 shares during the period. AQR Capital Management LLC grew its holdings in shares of Ovintiv by 69.7% during the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock worth $132,992,000 after purchasing an additional 1,348,221 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Ovintiv by 0.6% during the first quarter. Bank of New York Mellon Corp now owns 2,945,159 shares of the company's stock valued at $126,053,000 after purchasing an additional 18,490 shares during the period. Northern Trust Corp raised its stake in shares of Ovintiv by 23.7% in the fourth quarter. Northern Trust Corp now owns 2,612,740 shares of the company's stock valued at $105,816,000 after purchasing an additional 501,156 shares in the last quarter. Finally, Alyeska Investment Group L.P. lifted its position in Ovintiv by 243.6% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock worth $103,870,000 after purchasing an additional 1,818,337 shares during the period. Institutional investors own 83.81% of the company's stock.

Ovintiv Price Performance

Shares of Ovintiv stock traded up $0.67 during trading on Tuesday, reaching $39.60. The company's stock had a trading volume of 2,064,112 shares, compared to its average volume of 3,429,865. The stock has a 50-day moving average price of $40.01 and a two-hundred day moving average price of $39.22. The stock has a market capitalization of $10.18 billion, a P/E ratio of 17.52, a price-to-earnings-growth ratio of 4.71 and a beta of 1.10. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. Ovintiv Inc. has a one year low of $29.80 and a one year high of $47.18.

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

Ovintiv Dividend Announcement

The firm also recently announced 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 3.0%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's payout ratio is currently 53.10%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on OVV. Morgan Stanley reissued an "overweight" rating and issued a $50.00 price target on shares of Ovintiv in a report on Tuesday, April 15th. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and raised their price target for the stock from $47.00 to $51.00 in a research note on Tuesday, July 1st. Wells Fargo & Company lowered their price objective on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, June 16th. Finally, Mizuho dropped their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $53.47.

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.