Arrowstreet Capital Limited Partnership Boosts Holdings in Ovintiv Inc. $OVV

Arrowstreet Capital Limited Partnership grew its position in shares of Ovintiv Inc. (NYSE:OVV) by 7.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,238,681 shares of the company’s stock after purchasing an additional 368,249 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Ovintiv were worth $199,441,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Quantbot Technologies LP purchased a new stake in shares of Ovintiv in the second quarter worth $563,000. Panagora Asset Management Inc. raised its holdings in shares of Ovintiv by 116.3% in the 2nd quarter. Panagora Asset Management Inc. now owns 927,525 shares of the company’s stock valued at $35,292,000 after acquiring an additional 498,661 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Ovintiv by 4.5% in the 2nd quarter. Mackenzie Financial Corp now owns 598,432 shares of the company’s stock valued at $22,770,000 after acquiring an additional 25,787 shares in the last quarter. Neuberger Berman Group LLC boosted its position in shares of Ovintiv by 6.9% during the 2nd quarter. Neuberger Berman Group LLC now owns 24,919 shares of the company’s stock valued at $948,000 after acquiring an additional 1,616 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new position in shares of Ovintiv during the second quarter worth about $436,000. Institutional investors own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on OVV shares. National Bankshares lowered their target price on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 22nd. Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a report on Monday. Zacks Research raised shares of Ovintiv from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Royal Bank Of Canada set a $55.00 target price on shares of Ovintiv and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Finally, UBS Group increased their target price on Ovintiv from $52.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.83.

Ovintiv Trading Down 1.9%

Shares of OVV opened at $40.79 on Wednesday. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $46.35. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The firm’s 50-day moving average price is $38.79 and its 200-day moving average price is $39.52. The firm has a market capitalization of $10.33 billion, a price-to-earnings ratio of 18.05, a PEG ratio of 1.89 and a beta of 1.00.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.06. The company had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $1.86 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. Sell-side analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, December 15th. Ovintiv’s dividend payout ratio (DPR) is presently 131.87%.

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.