MQS Management LLC Grows Stake in Ovintiv Inc. (NYSE:OVV)

MQS Management LLC raised its holdings in Ovintiv Inc. (NYSE:OVV) by 28.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,873 shares of the company’s stock after purchasing an additional 3,047 shares during the quarter. MQS Management LLC’s holdings in Ovintiv were worth $650,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OVV. Balyasny Asset Management L.P. lifted its stake in shares of Ovintiv by 1,560.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock valued at $63,738,000 after purchasing an additional 1,363,865 shares during the period. Vanguard Group Inc. raised its stake in Ovintiv by 3.8% during the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after purchasing an additional 1,024,931 shares during the period. Public Employees Retirement Association of Colorado boosted its holdings in Ovintiv by 2,602.0% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 715,158 shares of the company’s stock valued at $31,410,000 after acquiring an additional 688,690 shares during the last quarter. SIR Capital Management L.P. purchased a new stake in shares of Ovintiv during the 2nd quarter worth about $22,732,000. Finally, SG Americas Securities LLC raised its stake in shares of Ovintiv by 6,830.6% in the 1st quarter. SG Americas Securities LLC now owns 411,054 shares of the company’s stock valued at $21,334,000 after acquiring an additional 405,123 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on OVV shares. Wolfe Research began coverage on shares of Ovintiv in a research report on Thursday, July 18th. They set an “outperform” rating and a $65.00 target price on the stock. Wells Fargo & Company lowered their target price on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. UBS Group dropped their price target on Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday. Royal Bank of Canada cut their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. Finally, TD Cowen lifted their target price on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $59.83.

Ovintiv Price Performance

Shares of OVV stock opened at $39.96 on Thursday. The firm has a fifty day moving average of $43.31 and a 200-day moving average of $47.71. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $10.67 billion, a price-to-earnings ratio of 5.58, a price-to-earnings-growth ratio of 6.24 and a beta of 2.62. Ovintiv Inc. has a 12-month low of $37.81 and a 12-month high of $55.95.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. On average, equities research analysts forecast that Ovintiv Inc. will post 5.81 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.30 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.00%. Ovintiv’s dividend payout ratio is currently 16.76%.

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.