Pacific Heights Asset Management LLC Acquires 1,325,000 Shares of Ovintiv Inc. (NYSE:OVV)

Pacific Heights Asset Management LLC increased its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 697.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,515,000 shares of the company's stock after buying an additional 1,325,000 shares during the quarter. Ovintiv comprises approximately 4.0% of Pacific Heights Asset Management LLC's holdings, making the stock its 6th largest holding. Pacific Heights Asset Management LLC owned approximately 0.58% of Ovintiv worth $61,358,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in shares of Ovintiv during the fourth quarter valued at approximately $7,773,000. Cullen Frost Bankers Inc. lifted its stake in shares of Ovintiv by 3,571.4% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock worth $42,000 after acquiring an additional 1,000 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Ovintiv during the 4th quarter valued at $768,000. M&T Bank Corp grew its position in Ovintiv by 25.4% in the 4th quarter. M&T Bank Corp now owns 20,414 shares of the company's stock valued at $827,000 after acquiring an additional 4,136 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in Ovintiv by 18.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,390,498 shares of the company's stock worth $56,315,000 after purchasing an additional 216,101 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

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Ovintiv Stock Up 3.0 %

OVV traded up $1.12 on Tuesday, hitting $38.96. The company had a trading volume of 4,210,070 shares, compared to its average volume of 2,843,208. The stock has a market capitalization of $10.14 billion, a price-to-earnings ratio of 5.17 and a beta of 2.55. 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 fifty day moving average price of $43.00 and a 200-day moving average price of $41.94. Ovintiv Inc. has a 12-month low of $36.62 and a 12-month high of $55.95.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date is Friday, March 14th. Ovintiv's payout ratio is currently 28.57%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Mizuho lowered their target price on shares of Ovintiv from $63.00 to $60.00 and set an "outperform" rating for the company in a research note on Monday, December 16th. Truist Financial boosted their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Monday, January 13th. National Bankshares upped their target price on shares of Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Wells Fargo & Company decreased their price target on shares of Ovintiv from $48.00 to $42.00 and set an "equal weight" rating for the company in a research note on Tuesday, December 17th. Finally, Scotiabank increased their price objective on Ovintiv from $50.00 to $53.00 and gave the stock a "sector outperform" rating in a research note on Monday, November 18th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Ovintiv has an average rating of "Moderate Buy" and an average price target of $56.94.

Ovintiv Company 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.