Ovintiv Inc. (NYSE:OVV) Holdings Raised by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lifted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 71.9% during the first quarter, Holdings Channel.com reports. The firm owned 9,113 shares of the company’s stock after acquiring an additional 3,813 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Ovintiv were worth $390,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of OVV. Arrowstreet Capital Limited Partnership lifted its holdings in Ovintiv by 1,732.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock valued at $137,134,000 after acquiring an additional 3,203,087 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Ovintiv by 1,577.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company’s stock valued at $99,587,000 after acquiring an additional 2,312,292 shares during the last quarter. Alyeska Investment Group L.P. lifted its holdings in Ovintiv by 243.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company’s stock valued at $103,870,000 after acquiring an additional 1,818,337 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Ovintiv by 69.7% in the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company’s stock valued at $132,992,000 after acquiring an additional 1,348,221 shares during the last quarter. Finally, Webs Creek Capital Management LP acquired a new stake in Ovintiv in the 4th quarter valued at about $54,086,000. 83.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Morgan Stanley reissued an “overweight” rating and issued a $50.00 price target on shares of Ovintiv in a report on Tuesday, April 15th. JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Barclays cut their price target on shares of Ovintiv from $59.00 to $53.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Wells Fargo & Company cut their price target on shares of Ovintiv from $46.00 to $41.00 and set an “equal weight” rating for the company in a report on Monday, June 16th. Finally, Williams Trading set a $58.00 price objective on shares of Ovintiv in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $54.69.

Ovintiv Price Performance

Shares of OVV opened at $38.40 on Friday. The company has a market capitalization of $9.98 billion, a price-to-earnings ratio of 16.34, a P/E/G ratio of 2.11 and a beta of 1.09. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.43 and a quick ratio of 0.43. The business’s 50-day moving average is $37.17 and its 200-day moving average is $39.59.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.22. The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. Equities research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a $0.30 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a yield of 3.13%. Ovintiv’s dividend payout ratio is currently 51.06%.

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.