Invesco Ltd. Acquires 21,738 Shares of Ovintiv Inc. (NYSE:OVV)

Invesco Ltd. lifted its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,260,690 shares of the company's stock after buying an additional 21,738 shares during the quarter. Invesco Ltd. owned approximately 0.48% of Ovintiv worth $51,058,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Ovintiv by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company's stock worth $1,193,272,000 after purchasing an additional 451,947 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Ovintiv by 1,732.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock worth $137,134,000 after acquiring an additional 3,203,087 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Ovintiv by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company's stock valued at $118,530,000 after buying an additional 8,168 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Ovintiv by 2.4% during 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, JPMorgan Chase & Co. grew its stake in Ovintiv by 30.1% in the fourth quarter. JPMorgan Chase & Co. now owns 1,524,743 shares of the company's stock worth $61,752,000 after purchasing an additional 352,368 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv Stock Up 2.2 %

OVV traded up $0.71 during midday trading on Friday, reaching $33.81. 3,098,442 shares of the company were exchanged, compared to its average volume of 3,164,873. The company has a market cap of $8.81 billion, a price-to-earnings ratio of 4.48 and a beta of 2.04. The company's fifty day moving average price is $39.61 and its 200 day moving average price is $41.39. Ovintiv Inc. has a one year low of $29.80 and a one year high of $53.57. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $0.30 per share. The ex-dividend date was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 3.55%. Ovintiv's payout ratio is 28.57%.

Analysts Set New Price Targets

Several research firms have recently commented on OVV. Scotiabank upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. Barclays boosted their price objective on Ovintiv from $57.00 to $59.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. National Bankshares lifted their target price on Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Truist Financial increased their price target on Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Finally, Morgan Stanley restated an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Ovintiv has an average rating of "Buy" and a consensus price target of $56.06.

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.