KLP Kapitalforvaltning AS Buys New Holdings in Ovintiv Inc. (NYSE:OVV)

KLP Kapitalforvaltning AS bought a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 105,700 shares of the company's stock, valued at approximately $4,281,000.

Several other hedge funds also recently modified their holdings of OVV. Nisa Investment Advisors LLC lifted its holdings in Ovintiv by 0.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company's stock valued at $2,647,000 after buying an additional 231 shares during the period. Fifth Third Bancorp boosted its position in shares of Ovintiv by 13.4% in the 4th quarter. Fifth Third Bancorp now owns 2,385 shares of the company's stock worth $97,000 after purchasing an additional 282 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Ovintiv by 1.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company's stock worth $830,000 after purchasing an additional 300 shares during the period. Stifel Financial Corp increased its holdings in Ovintiv by 1.6% in the third quarter. Stifel Financial Corp now owns 20,385 shares of the company's stock valued at $781,000 after purchasing an additional 322 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after buying an additional 335 shares during the period. Institutional investors own 83.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Mizuho decreased their price objective on shares of Ovintiv from $63.00 to $60.00 and set an "outperform" rating for the company in a report on Monday, December 16th. Barclays lifted their price target on shares of Ovintiv from $57.00 to $59.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Morgan Stanley restated an "overweight" rating and issued a $57.00 price objective on shares of Ovintiv in a research report on Wednesday. Finally, UBS Group dropped their price objective on Ovintiv from $59.00 to $56.00 and set a "buy" rating on the stock in a research note on Monday, December 9th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $57.17.

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Ovintiv Stock Down 2.5 %

Ovintiv stock traded down $1.08 during mid-day trading on Friday, reaching $42.24. The company's stock had a trading volume of 3,026,647 shares, 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. Ovintiv Inc. has a 12 month low of $36.62 and a 12 month high of $55.95. The business's 50 day simple moving average is $42.59 and its 200 day simple moving average is $41.93. The company 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 business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.30 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.84%. Ovintiv's dividend payout ratio is 28.57%.

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.