Arrowstreet Capital Limited Partnership Grows Stock Position in Ovintiv Inc. $OVV

Arrowstreet Capital Limited Partnership lifted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 14.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,743,543 shares of the company’s stock after purchasing an additional 855,043 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Ovintiv were worth $264,281,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of OVV. Citigroup Inc. grew its holdings in Ovintiv by 42.1% in the third quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock valued at $7,030,000 after purchasing an additional 51,562 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new stake in shares of Ovintiv during the third quarter valued at $1,816,000. BCS Private Wealth Management Inc. acquired a new stake in shares of Ovintiv during the fourth quarter valued at $976,000. UBS Group AG boosted its stake in shares of Ovintiv by 8.3% during the fourth quarter. UBS Group AG now owns 997,177 shares of the company’s stock valued at $39,079,000 after acquiring an additional 76,846 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd boosted its stake in shares of Ovintiv by 670.2% during the third quarter. Dynamic Technology Lab Private Ltd now owns 44,972 shares of the company’s stock valued at $1,816,000 after acquiring an additional 39,133 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of OVV opened at $57.33 on Monday. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $63.46. The firm has a market cap of $16.11 billion, a price-to-earnings ratio of 18.49 and a beta of 0.53. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. The stock has a 50 day moving average of $57.76 and a 200-day moving average of $49.91.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.15. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%.The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. As a group, analysts forecast that Ovintiv Inc. will post 8.15 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Monday, June 15th. Ovintiv’s payout ratio is 38.71%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on OVV shares. Royal Bank Of Canada set a $70.00 price target on Ovintiv and gave the stock an “outperform” rating in a research note on Tuesday, June 9th. Roth Mkm raised their price objective on Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. JPMorgan Chase & Co. initiated coverage on Ovintiv in a report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 price objective on the stock. National Bank Financial raised their target price on Ovintiv from $80.00 to $82.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Finally, Wall Street Zen downgraded Ovintiv from a “buy” rating to a “hold” rating in a report on Sunday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.