Summit Global Investments Decreases Stake in Ovintiv Inc. (NYSE:OVV)

Summit Global Investments reduced its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 30.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,718 shares of the company's stock after selling 5,909 shares during the quarter. Summit Global Investments' holdings in Ovintiv were worth $556,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. iA Global Asset Management Inc. bought a new stake in shares of Ovintiv in the fourth quarter valued at approximately $412,000. Teacher Retirement System of Texas raised its holdings in Ovintiv by 180.0% during the 4th quarter. Teacher Retirement System of Texas now owns 744,905 shares of the company's stock valued at $30,169,000 after acquiring an additional 478,846 shares during the period. Vinva Investment Management Ltd lifted its position in shares of Ovintiv by 76.6% during the fourth quarter. Vinva Investment Management Ltd now owns 9,728 shares of the company's stock worth $387,000 after acquiring an additional 4,219 shares in the last quarter. Xponance Inc. lifted its position in shares of Ovintiv by 5.4% during the fourth quarter. Xponance Inc. now owns 43,124 shares of the company's stock worth $1,747,000 after acquiring an additional 2,224 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Ovintiv by 11.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 165,220 shares of the company's stock worth $6,691,000 after acquiring an additional 16,836 shares during the period. 83.81% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

OVV has been the topic of a number of recent research reports. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $55.00 to $57.00 in a report on Monday. Williams Trading set a $58.00 price target on shares of Ovintiv in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price objective on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Barclays increased their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Finally, National Bankshares boosted their price target on shares of Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $57.17.

Ovintiv Price Performance

Shares of OVV stock traded down $0.65 during trading hours on Thursday, hitting $43.32. 2,777,699 shares of the company's stock were exchanged, compared to its average volume of 2,956,149. The company has a market capitalization of $11.28 billion, a PE ratio of 5.74 and a beta of 2.55. 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 12-month low of $36.62 and a 12-month high of $55.95. The business's 50 day simple moving average is $42.66 and its 200-day simple moving average is $41.87.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv's dividend payout ratio is presently 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.