HITE Hedge Asset Management LLC Makes New $31.16 Million Investment in Ovintiv Inc. $OVV

HITE Hedge Asset Management LLC acquired a new position in Ovintiv Inc. (NYSE:OVV) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 794,980 shares of the company’s stock, valued at approximately $31,155,000. Ovintiv makes up 2.0% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 15th biggest position. HITE Hedge Asset Management LLC owned about 0.31% of Ovintiv at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in OVV. AQR Capital Management LLC raised its holdings in Ovintiv by 263.8% in the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after purchasing an additional 3,589,030 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Ovintiv by 25.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock worth $379,165,000 after purchasing an additional 1,927,193 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in Ovintiv in the 2nd quarter worth $41,701,000. Two Sigma Investments LP raised its holdings in Ovintiv by 1,393.1% in the 3rd quarter. Two Sigma Investments LP now owns 760,924 shares of the company’s stock worth $30,726,000 after purchasing an additional 709,962 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Ovintiv by 12.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,888,500 shares of the company’s stock worth $237,747,000 after purchasing an additional 649,819 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

OVV has been the subject of several research reports. National Bank Financial upped their price objective on shares of Ovintiv from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Roth Mkm increased their price target on shares of Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 24th. UBS Group decreased their price target on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday, April 9th. Wall Street Zen raised shares of Ovintiv from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Finally, Mizuho lifted their price target on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $63.00.

Ovintiv Trading Up 1.4%

Shares of NYSE OVV opened at $57.33 on Friday. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $63.46. The stock has a market cap of $16.11 billion, a P/E ratio of 18.49 and a beta of 0.53. The firm has a 50-day moving average of $57.76 and a 200 day moving average of $49.84. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.15. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. The company had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. As a group, sell-side analysts expect that Ovintiv Inc. will post 8.15 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Monday, June 15th. Ovintiv’s dividend payout ratio (DPR) is 38.71%.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.