Allstate Corp Buys New Shares in Ovintiv Inc. (NYSE:OVV)

Allstate Corp acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 8,019 shares of the company's stock, valued at approximately $325,000.

Several other hedge funds also recently added to or reduced their stakes in OVV. Pacific Heights Asset Management LLC increased its stake in Ovintiv by 697.4% in the 4th quarter. Pacific Heights Asset Management LLC now owns 1,515,000 shares of the company's stock worth $61,358,000 after buying an additional 1,325,000 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in Ovintiv by 1,807.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 791,853 shares of the company's stock valued at $32,070,000 after acquiring an additional 750,349 shares in the last quarter. Teacher Retirement System of Texas grew its stake in Ovintiv by 180.0% during the 4th quarter. Teacher Retirement System of Texas now owns 744,905 shares of the company's stock worth $30,169,000 after buying an additional 478,846 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Ovintiv by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company's stock valued at $1,193,272,000 after acquiring an additional 451,947 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Ovintiv by 30.1% during the 4th quarter. JPMorgan Chase & Co. now owns 1,524,743 shares of the company's stock valued at $61,752,000 after purchasing an additional 352,368 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

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Ovintiv Trading Down 0.7 %

NYSE OVV traded down $0.24 on Monday, reaching $32.71. The stock had a trading volume of 7,897,490 shares, compared to its average volume of 3,113,476. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a fifty day moving average price of $41.89 and a two-hundred day moving average price of $41.92. Ovintiv Inc. has a 12-month low of $30.40 and a 12-month high of $55.95. The firm has a market capitalization of $8.52 billion, a price-to-earnings ratio of 4.34 and a beta of 2.04.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.67%. The ex-dividend date was Friday, March 14th. Ovintiv's payout ratio is 28.57%.

Analysts Set New Price Targets

OVV has been the subject of several research analyst reports. Scotiabank upgraded Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Wells Fargo & Company increased their target price on shares of Ovintiv from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Thursday, March 20th. JPMorgan Chase & Co. reduced their price objective on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and raised their target price for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Finally, Barclays boosted their price target on shares of Ovintiv from $57.00 to $59.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Ovintiv has an average rating of "Buy" and a consensus target price of $57.17.

Ovintiv Company 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.