Dimensional Fund Advisors LP Boosts Stake in Ovintiv Inc. (NYSE:OVV)

Dimensional Fund Advisors LP grew its stake in shares of Ovintiv Inc. (NYSE:OVV) by 3.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,844,632 shares of the company’s stock after buying an additional 142,296 shares during the quarter. Dimensional Fund Advisors LP owned 1.44% of Ovintiv worth $180,194,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. raised its position in shares of Ovintiv by 17.7% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 20,090 shares of the company’s stock valued at $942,000 after buying an additional 3,027 shares in the last quarter. Federated Hermes Inc. raised its position in shares of Ovintiv by 3.8% during the 2nd quarter. Federated Hermes Inc. now owns 145,223 shares of the company’s stock valued at $6,807,000 after buying an additional 5,323 shares in the last quarter. Meeder Advisory Services Inc. raised its position in shares of Ovintiv by 54.0% during the 2nd quarter. Meeder Advisory Services Inc. now owns 6,764 shares of the company’s stock valued at $317,000 after buying an additional 2,373 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Ovintiv by 7.5% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 32,813 shares of the company’s stock valued at $1,525,000 after buying an additional 2,295 shares in the last quarter. Finally, Qsemble Capital Management LP raised its position in Ovintiv by 201.1% in the 2nd quarter. Qsemble Capital Management LP now owns 66,492 shares of the company’s stock worth $3,116,000 after purchasing an additional 44,410 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Up 1.1 %

Shares of Ovintiv stock opened at $40.38 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The stock has a market capitalization of $10.78 billion, a PE ratio of 5.64, a price-to-earnings-growth ratio of 6.24 and a beta of 2.62. Ovintiv Inc. has a 52-week low of $37.81 and a 52-week high of $55.95. The company has a 50-day simple moving average of $43.16 and a two-hundred day simple moving average of $47.65.

Ovintiv (NYSE:OVV) last issued its 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. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. On average, analysts anticipate that Ovintiv Inc. will post 5.81 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently announced 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 of this dividend is Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 2.97%. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Analyst Upgrades and Downgrades

OVV has been the topic of a number of analyst reports. Wells Fargo & Company decreased their target price on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Wolfe Research initiated coverage on shares of Ovintiv in a research report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 target price on the stock. JPMorgan Chase & Co. decreased their target price on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Scotiabank lifted their target price on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research report on Friday, July 12th. Finally, Truist Financial lifted their target price on shares of Ovintiv from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.83.

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.