FMR LLC trimmed its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 13.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,426,482 shares of the company's stock after selling 2,811,117 shares during the period. FMR LLC owned 6.69% of Ovintiv worth $705,773,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Aristides Capital LLC purchased a new position in shares of Ovintiv in the 4th quarter worth approximately $326,000. Federated Hermes Inc. increased its position in shares of Ovintiv by 11.5% during the fourth quarter. Federated Hermes Inc. now owns 164,796 shares of the company's stock worth $6,674,000 after purchasing an additional 16,945 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Ovintiv by 0.3% in the 4th quarter. Russell Investments Group Ltd. now owns 266,386 shares of the company's stock worth $10,788,000 after purchasing an additional 731 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its stake in Ovintiv by 30.9% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 41,279 shares of the company's stock worth $1,672,000 after buying an additional 9,748 shares during the last quarter. Finally, Mizuho Bank Ltd. acquired a new position in Ovintiv during the 4th quarter valued at about $40,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.
Ovintiv Price Performance
OVV traded down $0.01 during midday trading on Monday, hitting $32.77. 699,896 shares of the company traded hands, compared to its average volume of 3,148,457. The company has a market capitalization of $8.53 billion, a price-to-earnings ratio of 4.35 and a beta of 2.04. The business has a 50 day simple moving average of $40.67 and a two-hundred day simple moving average of $41.63. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $54.23.
Ovintiv Dividend Announcement
The company 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 of this dividend was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.66%. Ovintiv's payout ratio is currently 28.57%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on OVV. Scotiabank upgraded Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Truist Financial lifted their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Bank of America raised Ovintiv from a "neutral" rating to a "buy" rating and cut their target price for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Wells Fargo & Company lifted their price target on Ovintiv from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 20th. Finally, National Bankshares increased their price objective on Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $56.47.
Check Out Our Latest Research Report on Ovintiv
Ovintiv Company Profile
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Free Report)
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.
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