Arrowstreet Capital Limited Partnership Has $199.44 Million Holdings in Ovintiv Inc. $OVV

Arrowstreet Capital Limited Partnership boosted its holdings in Ovintiv Inc. (NYSE:OVV) by 7.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,238,681 shares of the company’s stock after acquiring an additional 368,249 shares during the quarter. Arrowstreet Capital Limited Partnership owned 2.04% of Ovintiv worth $199,441,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OVV. Cetera Investment Advisers boosted its position in shares of Ovintiv by 27.0% during the first quarter. Cetera Investment Advisers now owns 36,997 shares of the company’s stock valued at $1,583,000 after buying an additional 7,869 shares during the last quarter. LPL Financial LLC raised its position in Ovintiv by 13.3% in the 1st quarter. LPL Financial LLC now owns 101,389 shares of the company’s stock valued at $4,339,000 after buying an additional 11,897 shares during the last quarter. Natixis Advisors LLC lifted its stake in Ovintiv by 23.0% during the 1st quarter. Natixis Advisors LLC now owns 44,770 shares of the company’s stock valued at $1,916,000 after acquiring an additional 8,377 shares in the last quarter. Harbour Investments Inc. lifted its stake in Ovintiv by 143.8% during the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company’s stock valued at $39,000 after acquiring an additional 542 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in Ovintiv by 49.5% during the 1st quarter. US Bancorp DE now owns 14,776 shares of the company’s stock worth $632,000 after acquiring an additional 4,892 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Down 1.9%

Ovintiv stock opened at $40.79 on Wednesday. The firm has a market capitalization of $10.33 billion, a price-to-earnings ratio of 18.05, a P/E/G ratio of 1.89 and a beta of 1.00. The firm has a 50 day simple moving average of $38.79 and a 200 day simple moving average of $39.52. 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.

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

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, December 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. Ovintiv’s dividend payout ratio is currently 131.87%.

Wall Street Analyst Weigh In

OVV has been the subject of several analyst reports. Wells Fargo & Company increased their target price on shares of Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, November 18th. William Blair started coverage on shares of Ovintiv in a research report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price objective for the company. Mizuho dropped their target price on shares of Ovintiv from $58.00 to $50.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. UBS Group boosted their target price on Ovintiv from $52.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 21st. Finally, Morgan Stanley decreased their price target on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.83.

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.