Charles Schwab Investment Management Inc. Increases Stock Position in Ovintiv Inc. (NYSE:OVV)

Charles Schwab Investment Management Inc. boosted its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 7.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,868,627 shares of the company's stock after acquiring an additional 133,192 shares during the period. Charles Schwab Investment Management Inc. owned 0.71% of Ovintiv worth $71,587,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Drive Wealth Management LLC lifted its stake in shares of Ovintiv by 2.5% in the 3rd quarter. Drive Wealth Management LLC now owns 10,309 shares of the company's stock valued at $395,000 after purchasing an additional 251 shares during the last quarter. CIBC Asset Management Inc lifted its position in Ovintiv by 3.7% in the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company's stock valued at $304,000 after buying an additional 280 shares during the last quarter. UMB Bank n.a. boosted its stake in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock worth $50,000 after buying an additional 286 shares during the period. OneDigital Investment Advisors LLC increased its position in shares of Ovintiv by 5.2% during the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company's stock valued at $231,000 after acquiring an additional 298 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Ovintiv by 24.0% in the 2nd quarter. Blue Trust Inc. now owns 1,793 shares of the company's stock valued at $93,000 after acquiring an additional 347 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Down 0.2 %

Ovintiv stock traded down $0.07 during midday trading on Friday, reaching $45.42. The company's stock had a trading volume of 1,158,304 shares, compared to its average volume of 3,077,020. The business has a 50-day simple moving average of $41.84 and a 200-day simple moving average of $44.15. The company has a market cap of $11.82 billion, a P/E ratio of 6.02 and a beta of 2.62. Ovintiv Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. 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 firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.64%. The ex-dividend date is Friday, December 13th. Ovintiv's payout ratio is 15.92%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Truist Financial increased their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. JPMorgan Chase & Co. dropped their price objective on Ovintiv from $60.00 to $51.00 and set an "overweight" rating for the company in a research note on Thursday, September 12th. UBS Group increased their target price on Ovintiv from $57.00 to $59.00 and gave the stock a "buy" rating in a research note on Monday, November 18th. Mizuho dropped their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Wednesday, October 9th. Finally, Royal Bank of Canada reduced their price target on shares of Ovintiv from $62.00 to $61.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 1st. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $56.65.

Ovintiv 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.