Ovintiv Inc. (NYSE:OVV) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 12.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 226,416 shares of the company's stock after selling 32,994 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.09% of Ovintiv worth $9,170,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ninepoint Partners LP raised its position in Ovintiv by 16.9% in the 4th quarter. Ninepoint Partners LP now owns 225,000 shares of the company's stock worth $9,112,000 after purchasing an additional 32,500 shares during the last quarter. Franklin Resources Inc. grew its stake in Ovintiv by 16.0% in the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company's stock valued at $11,527,000 after buying an additional 37,341 shares during the last quarter. Westpac Banking Corp boosted its stake in shares of Ovintiv by 64.8% in the fourth quarter. Westpac Banking Corp now owns 31,369 shares of the company's stock valued at $1,270,000 after buying an additional 12,340 shares during the period. Retirement Systems of Alabama increased its stake in Ovintiv by 4.4% during 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 during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Ovintiv by 19.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock valued at $8,768,000 after acquiring an additional 34,207 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on OVV shares. Bank of America upgraded Ovintiv from a "neutral" rating to a "buy" rating and decreased their price target for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Scotiabank upgraded shares of Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $55.00 to $57.00 in a research note on Monday, March 24th. Wells Fargo & Company boosted their price target on shares of Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a report on Tuesday. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $50.00 target price on shares of Ovintiv in a research report on Tuesday, April 15th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Ovintiv has an average rating of "Buy" and an average price target of $55.76.

Ovintiv Stock Up 1.8 %

NYSE OVV traded up $0.61 during midday trading on Thursday, hitting $34.26. 532,358 shares of the company traded hands, compared to its average volume of 3,162,798. The company has a market cap of $8.92 billion, a PE ratio of 4.54 and a beta of 2.04. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $53.57. The company's 50-day simple moving average is $39.01 and its 200-day simple moving average is $41.19.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.30 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.50%. Ovintiv's payout ratio is 28.57%.

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.