Aristides Capital LLC Purchases Shares of 8,041 Ovintiv Inc. (NYSE:OVV)

Aristides Capital LLC acquired a new position in Ovintiv Inc. (NYSE:OVV - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 8,041 shares of the company's stock, valued at approximately $326,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ninepoint Partners LP boosted its position in shares of Ovintiv by 16.9% during the 4th quarter. Ninepoint Partners LP now owns 225,000 shares of the company's stock valued at $9,112,000 after purchasing an additional 32,500 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Ovintiv by 16.0% during the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company's stock worth $11,527,000 after buying an additional 37,341 shares in the last quarter. Westpac Banking Corp grew its position in Ovintiv by 64.8% in the fourth quarter. Westpac Banking Corp now owns 31,369 shares of the company's stock worth $1,270,000 after buying an additional 12,340 shares during the last quarter. Retirement Systems of Alabama increased its holdings in shares of Ovintiv by 4.4% in the third quarter. Retirement Systems of Alabama now owns 320,759 shares of the company's stock valued at $12,288,000 after buying an additional 13,536 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Ovintiv by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock valued at $77,508,000 after acquiring an additional 45,147 shares during the last quarter. Institutional investors own 83.81% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on OVV shares. National Bankshares boosted their target price on Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Truist Financial upped their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Bank of America raised shares of Ovintiv from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. JPMorgan Chase & Co. reduced their price target 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. Finally, Scotiabank upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. Two 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.com, Ovintiv presently has an average rating of "Buy" and an average target price of $57.17.

Ovintiv Stock Performance

NYSE:OVV traded up $1.05 during midday trading on Friday, reaching $32.77. The stock had a trading volume of 4,427,024 shares, compared to its average volume of 3,159,567. The stock has a market capitalization of $8.53 billion, a P/E ratio of 4.35 and a beta of 2.04. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $55.77. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The firm's fifty day simple moving average is $40.67 and its 200-day simple moving average is $41.60.

Ovintiv Announces Dividend

The firm 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. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 3.66%. Ovintiv's payout ratio is 28.57%.

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.