Corebridge Financial Inc. cut its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 5.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 294,585 shares of the company's stock after selling 17,661 shares during the period. Corebridge Financial Inc. owned 0.11% of Ovintiv worth $11,931,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Ovintiv by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company's stock worth $1,193,272,000 after purchasing an additional 451,947 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its position in Ovintiv by 17.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company's stock worth $314,623,000 after buying an additional 1,207,610 shares in the last quarter. Geode Capital Management LLC grew its stake in Ovintiv by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company's stock valued at $173,296,000 after purchasing an additional 205,409 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Ovintiv by 0.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company's stock valued at $118,530,000 after acquiring an additional 8,168 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Ovintiv by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock worth $77,508,000 after acquiring an additional 45,147 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
OVV has been the subject of several analyst reports. Barclays lifted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. National Bankshares boosted their price objective on Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. UBS Group decreased their price target on Ovintiv from $59.00 to $56.00 and set a "buy" rating on the stock in a research note on Monday, December 9th. Wells Fargo & Company lifted their price objective on Ovintiv from $44.00 to $45.00 and gave the company an "equal weight" rating in a research report on Thursday, March 20th. Finally, Morgan Stanley restated an "overweight" rating and issued a $57.00 price objective on shares of Ovintiv in a report on Wednesday. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $57.17.
Get Our Latest Analysis on Ovintiv
Ovintiv Stock Down 2.5 %
NYSE OVV traded down $1.08 during trading hours on Friday, hitting $42.24. 3,026,647 shares of the company traded hands, compared to its average volume of 3,066,342. 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 business's 50-day moving average is $42.59 and its 200-day moving average is $41.93. Ovintiv Inc. has a twelve month low of $36.62 and a twelve month high of $55.95. The stock has a market capitalization of $11.00 billion, a price-to-earnings ratio of 5.60 and a beta of 2.55.
Ovintiv Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv's payout ratio is currently 28.57%.
About Ovintiv
(
Free Report)
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.
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