Headlands Technologies LLC Purchases New Shares in Ovintiv Inc. (NYSE:OVV)

Headlands Technologies LLC acquired a new position in shares of Ovintiv Inc. (NYSE:OVV) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,435 shares of the company’s stock, valued at approximately $61,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Ovintiv by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company’s stock worth $1,302,113,000 after acquiring an additional 959,711 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Ovintiv by 383.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company’s stock worth $396,267,000 after acquiring an additional 7,344,796 shares during the period. Dimensional Fund Advisors LP increased its stake in Ovintiv by 14.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company’s stock worth $225,265,000 after acquiring an additional 683,700 shares during the period. AQR Capital Management LLC increased its stake in Ovintiv by 69.7% during the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company’s stock worth $132,992,000 after acquiring an additional 1,348,221 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Ovintiv by 0.6% during the 1st quarter. Bank of New York Mellon Corp now owns 2,945,159 shares of the company’s stock worth $126,053,000 after acquiring an additional 18,490 shares during the period. Institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on OVV shares. Barclays raised their price objective on Ovintiv from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. TD Cowen upgraded Ovintiv to a “strong-buy” rating in a research report on Monday, July 7th. Mizuho dropped their price objective on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. The Goldman Sachs Group upgraded Ovintiv from a “neutral” rating to a “buy” rating and upped their price target for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. Finally, Wells Fargo & Company dropped their price objective on Ovintiv from $46.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Monday, June 16th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Ovintiv has a consensus rating of “Buy” and an average target price of $53.47.

Ovintiv Price Performance

Shares of NYSE OVV opened at $39.60 on Wednesday. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $47.18. The firm has a market cap of $10.18 billion, a P/E ratio of 17.52, a PEG ratio of 4.71 and a beta of 1.10. The company has a 50 day moving average of $40.01 and a 200 day moving average of $39.22. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.92 billion. As a group, 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, September 29th. Investors of record on Monday, September 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Monday, September 15th. Ovintiv’s payout ratio is presently 53.10%.

Ovintiv 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.