Arrowstreet Capital Limited Partnership Acquires 3,203,087 Shares of Ovintiv Inc. (NYSE:OVV)

Arrowstreet Capital Limited Partnership lifted its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 1,732.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,387,923 shares of the company’s stock after acquiring an additional 3,203,087 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.30% of Ovintiv worth $137,134,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC raised its holdings in Ovintiv by 0.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock worth $2,647,000 after purchasing an additional 231 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its stake in Ovintiv by 2.8% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock worth $412,000 after buying an additional 276 shares in the last quarter. Fifth Third Bancorp lifted its holdings in Ovintiv by 13.4% in the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock worth $97,000 after buying an additional 282 shares during the period. Daiwa Securities Group Inc. boosted its position in Ovintiv by 1.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock valued at $830,000 after acquiring an additional 300 shares in the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of Ovintiv by 1.6% during the 3rd quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock worth $781,000 after acquiring an additional 322 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on OVV shares. Morgan Stanley restated an “overweight” rating and issued a $57.00 target price on shares of Ovintiv in a research note on Wednesday, March 26th. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and dropped their target price for the company from $55.00 to $54.00 in a report on Monday, January 13th. BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. JPMorgan Chase & Co. dropped their price objective on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Wells Fargo & Company raised their target price on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $57.17.

Ovintiv Stock Performance

Shares of OVV stock opened at $42.24 on Monday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average price of $42.59 and a 200-day moving average price of $41.93. Ovintiv Inc. has a 52 week low of $36.62 and a 52 week high of $55.95. The firm has a market capitalization of $11.00 billion, a PE ratio of 5.60 and a beta of 2.55.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.84%. Ovintiv’s dividend payout ratio is presently 28.57%.

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.