Martingale Asset Management L P Has $2.41 Million Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Martingale Asset Management L P grew its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 177.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 59,522 shares of the company's stock after acquiring an additional 38,106 shares during the quarter. Martingale Asset Management L P's holdings in Ovintiv were worth $2,411,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OVV. HighTower Advisors LLC grew its stake in Ovintiv by 17.5% during the 3rd quarter. HighTower Advisors LLC now owns 15,456 shares of the company's stock valued at $591,000 after purchasing an additional 2,303 shares during the last quarter. Stifel Financial Corp increased its position in Ovintiv by 1.6% during the 3rd quarter. Stifel Financial Corp now owns 20,385 shares of the company's stock worth $781,000 after purchasing an additional 322 shares during the period. EP Wealth Advisors LLC acquired a new position in Ovintiv during the third quarter worth about $214,000. National Bank of Canada FI grew its holdings in Ovintiv by 505.0% in the 3rd quarter. National Bank of Canada FI now owns 108,017 shares of the company's stock valued at $4,138,000 after buying an additional 90,163 shares during the period. Finally, Orion Portfolio Solutions LLC increased its holdings in Ovintiv by 5.6% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 42,304 shares of the company's stock valued at $1,621,000 after purchasing an additional 2,244 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

OVV has been the topic of a number of recent analyst reports. Morgan Stanley restated an "overweight" rating and set a $50.00 price target on shares of Ovintiv in a report on Tuesday. Scotiabank raised Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. decreased their target price on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Williams Trading set a $58.00 price target on Ovintiv in a research note on Wednesday, March 5th. Finally, Bank of America upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and lowered their target price for the company from $55.00 to $54.00 in a report on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Ovintiv has a consensus rating of "Buy" and an average target price of $56.06.

Ovintiv Trading Up 3.7 %

NYSE OVV traded up $1.19 during trading hours on Wednesday, hitting $33.39. 771,038 shares of the company were exchanged, compared to its average volume of 3,148,913. The stock has a 50-day moving average price of $40.25 and a 200 day moving average price of $41.52. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $53.57. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a market cap of $8.69 billion, a PE ratio of 4.43 and a beta of 2.04.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.30 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.59%. Ovintiv's dividend payout ratio (DPR) is presently 28.57%.

About Ovintiv

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.