Quarry LP Increases Holdings in Ovintiv Inc. (NYSE:OVV)

Quarry LP raised its stake in Ovintiv Inc. (NYSE:OVV) by 89.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,902 shares of the company’s stock after purchasing an additional 19,272 shares during the quarter. Quarry LP’s holdings in Ovintiv were worth $1,917,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Ovintiv by 3.8% in the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after buying an additional 1,024,931 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Ovintiv by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock worth $180,194,000 after purchasing an additional 142,296 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after purchasing an additional 1,618,556 shares during the period. Balyasny Asset Management L.P. grew its holdings in Ovintiv by 1,560.9% during the 4th 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 in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Ovintiv by 1.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,005,797 shares of the company’s stock worth $52,201,000 after buying an additional 17,206 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $38.37 on Monday. The company has a market cap of $10.11 billion, a PE ratio of 5.36, a P/E/G ratio of 7.23 and a beta of 2.62. Ovintiv Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The firm has a 50-day simple moving average of $42.11 and a 200 day simple moving average of $47.18. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating the consensus estimate of $1.22 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. On average, sell-side analysts anticipate that Ovintiv Inc. will post 5.26 EPS for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date was Friday, September 13th. Ovintiv’s payout ratio is 16.76%.

Analyst Ratings Changes

OVV has been the subject of a number of analyst reports. Morgan Stanley decreased their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Evercore ISI restated an “outperform” rating and set a $60.00 price objective on shares of Ovintiv in a research note on Wednesday, July 10th. JPMorgan Chase & Co. cut their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Bank of America reiterated a “neutral” rating and set a $55.00 target price on shares of Ovintiv in a research note on Friday, June 14th. Finally, Wells Fargo & Company dropped their price target 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. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.83.

About Ovintiv

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.