Hotchkis & Wiley Capital Management LLC Acquires 1,207,610 Shares of Ovintiv Inc. (NYSE:OVV)

Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 17.2% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 8,212,561 shares of the company's stock after acquiring an additional 1,207,610 shares during the period. Hotchkis & Wiley Capital Management LLC owned approximately 3.15% of Ovintiv worth $314,623,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. True Wealth Design LLC boosted 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 valued at $25,000 after buying an additional 636 shares during the last quarter. Innealta Capital LLC purchased a new stake in Ovintiv in the second quarter valued at approximately $39,000. UMB Bank n.a. lifted its holdings in Ovintiv by 27.7% in the third 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 during the period. Transamerica Financial Advisors Inc. acquired a new position in Ovintiv in the third quarter valued at approximately $65,000. Finally, International Assets Investment Management LLC acquired a new position in Ovintiv in the second quarter valued at approximately $69,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Performance

NYSE:OVV traded up $0.11 during mid-day trading on Tuesday, hitting $44.36. The stock had a trading volume of 2,466,922 shares, compared to its average volume of 3,071,638. The stock has a market cap of $11.55 billion, a price-to-earnings ratio of 5.88 and a beta of 2.63. 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 Inc. has a twelve month low of $36.90 and a twelve month high of $55.95. The company's 50 day simple moving average is $41.94 and its 200 day simple moving average is $44.04.

Ovintiv Announces Dividend

The company 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 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv's dividend payout ratio is presently 15.92%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Citigroup reduced their price objective on Ovintiv from $55.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, November 26th. Siebert Williams Shank raised Ovintiv to a "strong-buy" rating in a research report on Tuesday, October 15th. Barclays raised their price target on Ovintiv from $53.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. Evercore ISI dropped their price target on Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a research note on Monday, September 30th. Finally, Mizuho lowered their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 9th. 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. According to data from MarketBeat, the company has a consensus 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.