Charles Schwab Investment Management Inc. Acquires 312,827 Shares of Ovintiv Inc. $OVV

Charles Schwab Investment Management Inc. boosted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 3.4% during the second quarter, Holdings Channel reports. The fund owned 9,571,397 shares of the company’s stock after acquiring an additional 312,827 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Ovintiv were worth $364,192,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its stake in shares of Ovintiv by 69.7% in the first quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company’s stock worth $238,513,000 after acquiring an additional 2,288,989 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Ovintiv in the first quarter valued at approximately $56,865,000. Nuveen LLC bought a new position in Ovintiv in the 1st quarter worth approximately $46,603,000. Amundi lifted its holdings in Ovintiv by 86.3% during the 1st quarter. Amundi now owns 2,231,116 shares of the company’s stock worth $87,125,000 after buying an additional 1,033,309 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Ovintiv by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company’s stock valued at $1,302,113,000 after buying an additional 959,711 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on OVV shares. Royal Bank Of Canada set a $55.00 target price on Ovintiv and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Zacks Research raised Ovintiv from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. UBS Group raised their target price on shares of Ovintiv from $52.00 to $54.00 and gave the company a “buy” rating in a research note on Friday. Mizuho lowered their price target on shares of Ovintiv from $58.00 to $50.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Finally, National Bankshares cut their price objective on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating on the stock in a report on Wednesday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average price target of $51.94.

Ovintiv Price Performance

Ovintiv stock opened at $39.58 on Tuesday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $10.02 billion, a P/E ratio of 17.51, a PEG ratio of 1.89 and a beta of 1.00. The business has a 50-day moving average of $38.94 and a 200-day moving average of $39.41. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $47.04.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.06. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The business had revenue of $2.07 billion for the quarter, compared to analyst estimates of $1.86 billion. On average, equities analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be given a $0.30 dividend. The ex-dividend date is Monday, December 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. Ovintiv’s dividend payout ratio is currently 131.87%.

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.