Applied Finance Capital Management LLC Invests $258,000 in Ovintiv Inc. $OVV

Applied Finance Capital Management LLC bought a new position in Ovintiv Inc. (NYSE:OVV) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 6,773 shares of the company’s stock, valued at approximately $258,000.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Ovintiv by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company’s stock worth $1,302,113,000 after buying an additional 959,711 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Ovintiv by 383.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company’s stock worth $396,267,000 after buying an additional 7,344,796 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Ovintiv by 3.5% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 8,437,152 shares of the company’s stock worth $361,110,000 after buying an additional 284,656 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Ovintiv by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,708,987 shares of the company’s stock worth $244,338,000 after buying an additional 146,749 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Ovintiv by 69.7% in the 1st quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company’s stock worth $238,513,000 after buying an additional 2,288,989 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Price Performance

Shares of OVV stock opened at $35.94 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market capitalization of $9.24 billion, a P/E ratio of 15.90, a P/E/G ratio of 5.29 and a beta of 0.97. The company’s 50-day simple moving average is $40.46 and its two-hundred day simple moving average is $38.60. Ovintiv Inc. has a one year low of $29.80 and a one year high of $47.18.

Ovintiv (NYSE:OVV) last issued its earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. As a group, equities analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, September 15th. Ovintiv’s dividend payout ratio is currently 53.10%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on OVV shares. JPMorgan Chase & Co. reduced their target price on shares of Ovintiv from $50.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, October 3rd. Zacks Research downgraded shares of Ovintiv from a “hold” rating to a “strong sell” rating in a report on Friday, September 26th. Morgan Stanley cut their price target on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a report on Tuesday. Evercore ISI upped their price target on shares of Ovintiv from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, October 6th. Finally, Citigroup set a $54.00 price target on shares of Ovintiv and gave the company a “buy” rating in a report on Wednesday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $51.12.

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.