Renaissance Technologies LLC Grows Position in Ovintiv Inc. (NYSE:OVV)

Renaissance Technologies LLC grew its stake in Ovintiv Inc. (NYSE:OVV) by 83.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 423,728 shares of the company’s stock after buying an additional 192,740 shares during the quarter. Renaissance Technologies LLC owned approximately 0.16% of Ovintiv worth $19,860,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of OVV. Dimensional Fund Advisors LP grew its stake in shares of Ovintiv by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock valued at $180,194,000 after acquiring an additional 142,296 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in Ovintiv by 17.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 20,090 shares of the company’s stock valued at $942,000 after purchasing an additional 3,027 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Ovintiv by 3.8% in the second quarter. Federated Hermes Inc. now owns 145,223 shares of the company’s stock worth $6,807,000 after purchasing an additional 5,323 shares during the period. Meeder Advisory Services Inc. increased its stake in shares of Ovintiv by 54.0% in the second quarter. Meeder Advisory Services Inc. now owns 6,764 shares of the company’s stock worth $317,000 after purchasing an additional 2,373 shares in the last quarter. Finally, 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 purchasing an additional 2,295 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 0.3 %

Shares of NYSE OVV opened at $40.50 on Friday. Ovintiv Inc. has a 1-year low of $37.81 and a 1-year high of $55.95. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The business’s 50 day moving average is $43.00 and its two-hundred day moving average is $47.60. The stock has a market capitalization of $10.68 billion, a P/E ratio of 5.66, a PEG ratio of 6.50 and a beta of 2.62.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. As a group, research analysts expect that Ovintiv Inc. will post 5.63 EPS for the current year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Friday, September 13th. Ovintiv’s dividend payout ratio is currently 16.76%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on OVV shares. Wells Fargo & Company cut their price target on Ovintiv from $52.00 to $51.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Evercore ISI reissued an “outperform” rating and set a $60.00 target price on shares of Ovintiv in a research note on Wednesday, July 10th. Scotiabank upped their price target on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 12th. Bank of America reiterated a “neutral” rating and set a $55.00 price objective on shares of Ovintiv in a research report on Friday, June 14th. Finally, UBS Group dropped their target price on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.