New Age Alpha Advisors LLC Purchases New Shares in Ovintiv Inc. (NYSE:OVV)

New Age Alpha Advisors LLC acquired a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 58,545 shares of the company's stock, valued at approximately $2,371,000.

Several other large investors have also modified their holdings of OVV. True Wealth Design LLC lifted its position in Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company's stock worth $25,000 after acquiring an additional 636 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake 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 purchasing an additional 360 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after purchasing an additional 335 shares during the last quarter. Cullen Frost Bankers Inc. boosted its stake in Ovintiv by 3,571.4% during the 4th 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. Finally, EverSource Wealth Advisors LLC boosted its stake in Ovintiv by 451.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company's stock valued at $46,000 after purchasing an additional 940 shares during the period. 83.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

OVV has been the subject of a number of research analyst reports. Williams Trading set a $58.00 price target on Ovintiv in a report on Wednesday, March 5th. Scotiabank upgraded shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Morgan Stanley reissued an "overweight" rating and issued a $57.00 price target on shares of Ovintiv in a report on Wednesday, March 26th. UBS Group dropped their price objective on shares of Ovintiv from $59.00 to $56.00 and set a "buy" rating on the stock in a report on Monday, December 9th. Finally, BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $55.00 to $57.00 in a research report on Monday, March 24th. 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, Ovintiv has a consensus rating of "Buy" and an average price target of $57.17.

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Ovintiv Price Performance

Shares of NYSE OVV traded down $4.91 during midday trading on Thursday, reaching $39.23. 1,360,417 shares of the company traded hands, compared to its average volume of 3,052,402. Ovintiv Inc. has a 12 month low of $36.62 and a 12 month high of $55.95. 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 stock's 50-day simple moving average is $42.48 and its 200-day simple moving average is $42.01. The firm has a market cap of $10.22 billion, a PE ratio of 5.20 and a beta of 2.55.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend was Friday, March 14th. Ovintiv's payout ratio is currently 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.