Quantitative Investment Management LLC Invests $400,000 in Ovintiv Inc. $OVV

Quantitative Investment Management LLC acquired a new stake in Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 7,603 shares of the company’s stock, valued at approximately $400,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Ovintiv during the second quarter valued at approximately $1,422,959,000. Dimensional Fund Advisors LP increased its position in shares of Ovintiv by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after purchasing an additional 1,669,469 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Ovintiv by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after purchasing an additional 203,256 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Ovintiv by 16.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock worth $467,874,000 after purchasing an additional 1,137,162 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Insider Activity

In related news, EVP Rachel Maureen Moore sold 7,753 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.85% of the company’s stock.

Ovintiv Stock Up 1.3%

OVV stock opened at $66.53 on Wednesday. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $67.44. The business’s 50 day simple moving average is $59.77 and its 200 day simple moving average is $57.24. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $18.33 billion, a PE ratio of 18.79 and a beta of 0.53.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. As a group, research analysts anticipate that Ovintiv Inc. will post 7.09 EPS for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio (DPR) is currently 33.90%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on OVV. Wells Fargo & Company decreased their target price on shares of Ovintiv from $80.00 to $78.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. National Bank Financial increased their price target on shares of Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Citigroup lifted their price objective on shares of Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Mizuho boosted their price objective on shares of Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Texas Capital raised shares of Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $66.89.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.