HITE Hedge Asset Management LLC Sells 88,466 Shares of Ovintiv Inc. (NYSE:OVV)

HITE Hedge Asset Management LLC cut its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 25.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 253,162 shares of the company's stock after selling 88,466 shares during the quarter. HITE Hedge Asset Management LLC owned 0.10% of Ovintiv worth $10,253,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings 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 buying an additional 451,947 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Ovintiv by 1,732.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock worth $137,134,000 after acquiring an additional 3,203,087 shares during the period. Bank of New York Mellon Corp grew its stake in shares of 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 worth $118,530,000 after acquiring an additional 8,168 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Ovintiv by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock valued at $77,508,000 after purchasing an additional 45,147 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Ovintiv by 30.1% during the fourth quarter. JPMorgan Chase & Co. now owns 1,524,743 shares of the company's stock valued at $61,752,000 after purchasing an additional 352,368 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Trading Up 0.4 %

OVV stock traded up $0.15 during midday trading on Wednesday, reaching $33.73. 1,475,595 shares of the company traded hands, compared to its average volume of 3,159,962. The firm has a market capitalization of $8.78 billion, a price-to-earnings ratio of 4.47 and a beta of 2.04. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $53.57. The business has a 50 day moving average of $39.22 and a 200-day moving average of $41.25. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 3.56%. Ovintiv's dividend payout ratio is presently 28.57%.

Analyst Ratings Changes

Several research firms have recently weighed in on OVV. Bank of America raised Ovintiv from a "neutral" rating to a "buy" rating and lowered their price target for the company from $55.00 to $54.00 in a report on Monday, January 13th. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. 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. Williams Trading set a $58.00 price objective on shares of Ovintiv in a report on Wednesday, March 5th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $50.00 target price on shares of Ovintiv in a report on Tuesday, April 15th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Ovintiv currently has a consensus rating of "Buy" and an average target price of $56.12.

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.