AQR Capital Management LLC Purchases 1,618,556 Shares of Ovintiv Inc. (NYSE:OVV)

AQR Capital Management LLC lifted its position in shares of Ovintiv Inc. (NYSE:OVV) by 114.9% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 3,027,292 shares of the company’s stock after buying an additional 1,618,556 shares during the quarter. AQR Capital Management LLC’s holdings in Ovintiv were worth $141,889,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. AXA S.A. bought a new stake in shares of Ovintiv during the second quarter worth about $651,000. Caxton Associates LP acquired a new position in shares of Ovintiv in the second quarter worth approximately $3,009,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Ovintiv in the second quarter worth approximately $164,000. Toronto Dominion Bank lifted its stake in shares of Ovintiv by 14.2% in the second quarter. Toronto Dominion Bank now owns 116,700 shares of the company’s stock worth $5,470,000 after acquiring an additional 14,533 shares during the period. Finally, HITE Hedge Asset Management LLC lifted its stake in shares of Ovintiv by 6.5% in the second quarter. HITE Hedge Asset Management LLC now owns 443,358 shares of the company’s stock worth $20,780,000 after acquiring an additional 26,877 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on OVV shares. TD Cowen lifted their price objective on Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Royal Bank of Canada cut their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. Bank of America reaffirmed a “neutral” rating and issued a $55.00 price objective on shares of Ovintiv in a research note on Friday, June 14th. Wolfe Research started coverage on Ovintiv in a research note on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price objective on the stock. Finally, Morgan Stanley cut their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $59.83.

Ovintiv Trading Down 4.6 %

Shares of Ovintiv stock opened at $38.84 on Thursday. The stock has a fifty day simple moving average of $42.70 and a 200 day simple moving average of $47.46. Ovintiv Inc. has a 12-month low of $37.81 and a 12-month high of $55.95. The company has a market capitalization of $10.24 billion, a P/E ratio of 5.42, a price-to-earnings-growth ratio of 7.32 and a beta of 2.62. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47.

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

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 3.09%. Ovintiv’s dividend payout ratio (DPR) is currently 16.76%.

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.