Arrowstreet Capital Limited Partnership Grows Stake in Ovintiv Inc. $OVV

Arrowstreet Capital Limited Partnership increased its position in shares of Ovintiv Inc. (NYSE:OVV) by 16.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,880,705 shares of the company’s stock after purchasing an additional 1,137,162 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Ovintiv were worth $467,874,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OVV. Integrated Wealth Concepts LLC boosted its position in shares of Ovintiv by 70.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after buying an additional 3,788 shares in the last quarter. Great Lakes Advisors LLC acquired a new stake in Ovintiv in the 1st quarter valued at about $202,000. Focus Partners Wealth increased its holdings in Ovintiv by 49.3% during the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after acquiring an additional 6,364 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in Ovintiv by 47.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after acquiring an additional 589 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Ovintiv by 103.2% during the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock worth $126,000 after acquiring an additional 1,675 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Up 1.5%

OVV opened at $61.41 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $17.26 billion, a price-to-earnings ratio of 19.81 and a beta of 0.53. The business has a 50-day moving average of $56.31 and a two-hundred day moving average of $53.03. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $63.46.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. On average, research analysts expect that Ovintiv Inc. will post 7.08 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Monday, June 15th. Ovintiv’s dividend payout ratio (DPR) is 38.71%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Texas Capital raised shares of Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. Zacks Research cut Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Morgan Stanley reduced their price objective on Ovintiv from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Monday, June 29th. Scotiabank raised shares of Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th. Finally, Weiss Ratings cut shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a research note on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $65.63.

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.