Summit Global Investments Reduces Position in Ovintiv Inc. (NYSE:OVV)

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

A number of other large investors have also bought and sold shares of the company. True Wealth Design LLC lifted its position in Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company's stock valued at $25,000 after purchasing an additional 636 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock valued at $29,000 after buying an additional 360 shares during the period. Smartleaf Asset Management LLC raised its holdings in Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after purchasing an additional 335 shares in the last quarter. Cullen Frost Bankers Inc. boosted its position in Ovintiv by 3,571.4% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock valued at $42,000 after acquiring an additional 1,000 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in 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 period. 83.81% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

Several brokerages have commented on OVV. Truist Financial increased their target price on Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Mizuho lowered their target price on Ovintiv from $63.00 to $60.00 and set an "outperform" rating on the stock in a research report on Monday, December 16th. Williams Trading set a $58.00 target price on shares of Ovintiv in a research note on Wednesday, March 5th. 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 report on Monday. Finally, Wells Fargo & Company boosted their target price on Ovintiv from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Ovintiv currently has an average rating of "Buy" and an average target price of $57.17.

Ovintiv Stock Down 2.5 %

Shares of NYSE OVV traded down $1.08 during midday trading on Friday, hitting $42.24. The company's stock had a trading volume of 3,026,647 shares, compared to its average volume of 3,066,342. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The firm has a market capitalization of $11.00 billion, a price-to-earnings ratio of 5.60 and a beta of 2.55. The business's fifty day simple moving average is $42.66 and its two-hundred day simple moving average is $41.87. Ovintiv Inc. has a 1 year low of $36.62 and a 1 year high of $55.95.

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. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.84%. Ovintiv's dividend payout ratio (DPR) is 28.57%.

About Ovintiv

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.