M&G Plc Takes Position in Ovintiv Inc. (NYSE:OVV)

M&G PLC acquired a new position in Ovintiv Inc. (NYSE:OVV - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 226,839 shares of the company's stock, valued at approximately $8,620,000. M&G PLC owned 0.09% of Ovintiv at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Innealta Capital LLC acquired a new stake in Ovintiv in the 2nd quarter valued at $39,000. Geneos Wealth Management Inc. grew its stake in shares of Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company's stock valued at $45,000 after buying an additional 300 shares in the last quarter. UMB Bank n.a. grew its stake in shares of 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 buying an additional 286 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Ovintiv during the 2nd quarter valued at about $69,000. Finally, Covestor Ltd lifted its position in Ovintiv by 23.1% during the 1st quarter. Covestor Ltd now owns 1,559 shares of the company's stock worth $81,000 after acquiring an additional 293 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Performance

OVV stock traded up $1.62 during trading on Friday, hitting $43.17. 4,205,690 shares of the company's stock traded hands, compared to its average volume of 3,058,182. The stock has a fifty day moving average price of $40.52 and a two-hundred day moving average price of $44.85. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95. The stock has a market capitalization of $11.38 billion, a price-to-earnings ratio of 6.09, a price-to-earnings-growth ratio of 7.99 and a beta of 2.62.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.78%. Ovintiv's payout ratio is currently 16.93%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Mizuho lowered their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Wednesday, October 9th. Citigroup lowered their price target on shares of Ovintiv from $58.00 to $55.00 and set a "buy" rating for the company in a report on Monday, October 7th. Morgan Stanley cut their price objective on shares of Ovintiv from $53.00 to $51.00 and set an "equal weight" rating on the stock in a report on Monday, September 16th. Truist Financial lowered their target price on Ovintiv from $62.00 to $47.00 and set a "buy" rating for the company in a research note on Monday, September 30th. Finally, Siebert Williams Shank raised Ovintiv to a "strong-buy" rating in a research report on Tuesday, October 15th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $57.00.

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.