HITE Hedge Asset Management LLC Has $13.09 Million Stock Position in Ovintiv Inc. (NYSE:OVV)

HITE Hedge Asset Management LLC lowered its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 22.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 341,628 shares of the company's stock after selling 101,730 shares during the quarter. Ovintiv accounts for about 1.5% of HITE Hedge Asset Management LLC's holdings, making the stock its 24th largest position. HITE Hedge Asset Management LLC owned 0.13% of Ovintiv worth $13,088,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of OVV. True Wealth Design LLC lifted its position in Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company's stock worth $25,000 after purchasing an additional 636 shares during the period. Innealta Capital LLC bought a new position in shares of Ovintiv during the 2nd quarter worth about $39,000. UMB Bank n.a. boosted its position in shares of Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock valued at $50,000 after acquiring an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. acquired a new stake in shares of Ovintiv during the 3rd quarter valued at about $65,000. Finally, International Assets Investment Management LLC bought a new stake in Ovintiv in the second quarter valued at about $69,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Barclays lifted their price objective on Ovintiv from $53.00 to $57.00 and gave the company an "overweight" rating in a report on Friday, November 15th. JPMorgan Chase & Co. lowered their price target on Ovintiv from $60.00 to $51.00 and set an "overweight" rating on the stock in a research report on Thursday, September 12th. Morgan Stanley cut their price objective on Ovintiv from $53.00 to $51.00 and set an "equal weight" rating for the company in a report on Monday, September 16th. UBS Group upped their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock a "buy" rating in a report on Monday, November 18th. Finally, Citigroup cut their price target on shares of Ovintiv from $55.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, November 26th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $56.65.

Ovintiv Stock Up 0.3 %

Shares of NYSE:OVV traded up $0.11 during mid-day trading on Tuesday, reaching $44.36. 2,466,922 shares of the stock were exchanged, compared to its average volume of 3,071,638. The stock's 50 day simple moving average is $41.94 and its 200-day simple moving average is $44.04. Ovintiv Inc. has a one year low of $36.90 and a one year high of $55.95. The company has a market cap of $11.55 billion, a P/E ratio of 5.88 and a beta of 2.63. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.71%. Ovintiv's dividend payout ratio (DPR) is presently 15.92%.

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.