Ninepoint Partners LP Grows Position in Ovintiv Inc. (NYSE:OVV)

Ninepoint Partners LP raised its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 16.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 225,000 shares of the company's stock after purchasing an additional 32,500 shares during the quarter. Ovintiv accounts for approximately 1.3% of Ninepoint Partners LP's portfolio, making the stock its 14th largest position. Ninepoint Partners LP owned about 0.09% of Ovintiv worth $9,112,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Franklin Resources Inc. grew its stake in shares of Ovintiv by 16.0% in the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company's stock worth $11,527,000 after acquiring an additional 37,341 shares in the last quarter. Smead Capital Management Inc. grew its stake in shares of Ovintiv by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company's stock worth $241,476,000 after acquiring an additional 212,535 shares in the last quarter. Retirement Systems of Alabama grew its stake in shares of Ovintiv by 4.4% in the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company's stock worth $12,288,000 after acquiring an additional 13,536 shares in the last quarter. Charles Schwab Investment Management Inc. grew 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 acquiring an additional 45,147 shares in the last quarter. Finally, Quest Partners LLC grew its stake in shares of Ovintiv by 449.3% in the 3rd quarter. Quest Partners LLC now owns 42,109 shares of the company's stock worth $1,613,000 after acquiring an additional 34,443 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

OVV has been the subject of several recent analyst reports. Bank of America upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and reduced their target price for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. Wells Fargo & Company boosted their price target on shares of Ovintiv from $44.00 to $45.00 and gave the stock an "equal weight" rating in a report on Thursday. Williams Trading set a $58.00 price target on shares of Ovintiv in a report on Wednesday, March 5th. Citigroup cut their price target on shares of Ovintiv from $55.00 to $54.00 and set a "buy" rating on the stock in a report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $56.78.

Ovintiv Price Performance

Shares of OVV traded down $0.18 during midday trading on Thursday, hitting $42.18. 3,461,623 shares of the company traded hands, compared to its average volume of 2,896,150. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a 50-day moving average of $42.85 and a 200-day moving average of $41.80. The firm has a market cap of $10.98 billion, a P/E ratio of 5.59 and a beta of 2.55. Ovintiv Inc. has a one year low of $36.62 and a one year high of $55.95.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.85%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv's dividend payout ratio (DPR) 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.