CANADA LIFE ASSURANCE Co Reduces Holdings in Ovintiv Inc. (NYSE:OVV)

CANADA LIFE ASSURANCE Co lessened its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 5.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 209,751 shares of the company's stock after selling 13,155 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.08% of Ovintiv worth $8,489,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Ninepoint Partners LP lifted its stake in Ovintiv by 16.9% in the fourth quarter. Ninepoint Partners LP now owns 225,000 shares of the company's stock worth $9,112,000 after purchasing an additional 32,500 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Ovintiv by 16.0% in 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 during the period. Westpac Banking Corp lifted its stake in shares of Ovintiv by 64.8% during the 4th quarter. Westpac Banking Corp now owns 31,369 shares of the company's stock worth $1,270,000 after acquiring an additional 12,340 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in Ovintiv by 4.4% during the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company's stock valued at $12,288,000 after acquiring an additional 13,536 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Ovintiv by 19.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock valued at $8,768,000 after acquiring an additional 34,207 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Stock Up 0.5 %

Shares of NYSE OVV traded up $0.17 during mid-day trading on Friday, reaching $34.70. 2,328,351 shares of the company were exchanged, compared to its average volume of 3,172,478. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $53.57. The firm has a 50-day moving average of $38.81 and a 200 day moving average of $41.13. The stock has a market cap of $9.04 billion, a price-to-earnings ratio of 4.60 and a beta of 2.04. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.46%. The ex-dividend date was Friday, March 14th. Ovintiv's payout ratio is 28.57%.

Analyst Ratings Changes

Several research firms have recently weighed in on OVV. Bank of America upgraded Ovintiv from a "neutral" rating to a "buy" rating and decreased their target price for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. National Bankshares boosted their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Williams Trading set a $58.00 target price on shares of Ovintiv in a research note on Wednesday, March 5th. Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Finally, Wells Fargo & Company boosted their price target on Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a report on Tuesday. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $55.76.

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.