AQR Capital Management LLC Grows Position in Ovintiv Inc. (NYSE:OVV)

AQR Capital Management LLC grew its position in shares of Ovintiv Inc. (NYSE:OVV) by 69.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,283,743 shares of the company’s stock after purchasing an additional 1,348,221 shares during the quarter. AQR Capital Management LLC owned approximately 1.26% of Ovintiv worth $132,992,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in OVV. MassMutual Private Wealth & Trust FSB raised its position in shares of Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after acquiring an additional 360 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after purchasing an additional 335 shares in the last quarter. Mizuho Bank Ltd. acquired a new position in Ovintiv in the 4th quarter worth about $40,000. Optiver Holding B.V. purchased a new position in Ovintiv during the fourth quarter worth approximately $40,000. Finally, Cullen Frost Bankers Inc. grew its holdings in Ovintiv by 3,571.4% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company’s stock valued at $42,000 after purchasing an additional 1,000 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Price Performance

Ovintiv stock opened at $34.57 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market capitalization of $9.00 billion, a price-to-earnings ratio of 4.58 and a beta of 2.04. The company’s 50 day simple moving average is $38.19 and its 200-day simple moving average is $40.96. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $53.16.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.47%. Ovintiv’s dividend payout ratio is currently 28.57%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OVV. Truist Financial increased their target price on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, January 13th. JPMorgan Chase & Co. dropped their target price on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Scotiabank upgraded Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th. Finally, Wells Fargo & Company raised their target price on Ovintiv from $45.00 to $46.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 22nd. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of “Buy” and a consensus price target of $55.76.

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.