MetLife Investment Management LLC Buys 10,338 Shares of Ovintiv Inc. (NYSE:OVV)

MetLife Investment Management LLC raised its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 7.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 146,800 shares of the company's stock after buying an additional 10,338 shares during the period. MetLife Investment Management LLC owned about 0.06% of Ovintiv worth $5,945,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of OVV. Vanguard Group Inc. increased its position in Ovintiv by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company's stock valued at $1,193,272,000 after acquiring an additional 451,947 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Ovintiv by 14.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company's stock valued at $225,265,000 after purchasing an additional 683,700 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Ovintiv by 1,732.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock valued at $137,134,000 after purchasing an additional 3,203,087 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Ovintiv by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company's stock worth $118,530,000 after purchasing an additional 8,168 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Ovintiv by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock worth $77,508,000 after purchasing an additional 45,147 shares during the period. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Performance

OVV opened at $33.65 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market capitalization of $8.76 billion, a price-to-earnings ratio of 4.46 and a beta of 2.04. The company has a fifty day moving average of $39.01 and a 200 day moving average of $41.19. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $53.57.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.30 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.57%. Ovintiv's dividend payout ratio (DPR) is 28.57%.

Analysts Set New Price Targets

A number of brokerages have commented on OVV. National Bankshares upped their target price on shares of Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. JPMorgan Chase & Co. decreased their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Scotiabank raised Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Truist Financial upped their price target on Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Finally, Wells Fargo & Company lifted their price objective on Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Ovintiv has a consensus rating of "Buy" and an average target price of $55.76.

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.

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