Adage Capital Partners GP L.L.C. Grows Stake in Ovintiv Inc. (NYSE:OVV)

Adage Capital Partners GP L.L.C. grew its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 58.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 744,004 shares of the company's stock after acquiring an additional 275,000 shares during the period. Adage Capital Partners GP L.L.C. owned 0.29% of Ovintiv worth $30,132,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in OVV. MassMutual Private Wealth & Trust FSB lifted its position in Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after purchasing an additional 360 shares during the period. Smartleaf Asset Management LLC grew its position in Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after acquiring an additional 335 shares during the last quarter. Mizuho Bank Ltd. bought a new stake in shares of Ovintiv during the fourth quarter worth about $40,000. Cullen Frost Bankers Inc. grew its holdings in 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. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Ovintiv by 451.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company's stock worth $46,000 after purchasing an additional 940 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on OVV shares. BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and increased their target price for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Truist Financial raised their price objective on Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Wells Fargo & Company upped their price objective on shares of Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 22nd. Morgan Stanley reissued an "overweight" rating and issued a $50.00 price objective on shares of Ovintiv in a research note on Tuesday, April 15th. Finally, National Bankshares boosted their price target on shares of Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $55.76.

Ovintiv Stock Performance

Shares of NYSE OVV traded down $0.43 during midday trading on Tuesday, hitting $34.57. The company's stock had a trading volume of 2,438,236 shares, compared to its average volume of 3,181,427. Ovintiv Inc. has a one year low of $29.80 and a one year high of $53.57. The firm has a market capitalization of $9.00 billion, a price-to-earnings ratio of 4.58 and a beta of 2.04. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a fifty day moving average price of $38.41 and a 200 day moving average price of $41.01.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid 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 dividend yield of 3.47%. Ovintiv's payout ratio 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.