Pinebridge Investments L.P. Buys 28,582 Shares of Ovintiv Inc. (NYSE:OVV)

Pinebridge Investments L.P. grew its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 42.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 95,252 shares of the company's stock after buying an additional 28,582 shares during the quarter. Pinebridge Investments L.P.'s holdings in Ovintiv were worth $3,858,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Nisa Investment Advisors LLC increased its holdings in Ovintiv by 0.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company's stock valued at $2,647,000 after purchasing an additional 231 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Ovintiv by 2.8% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company's stock worth $412,000 after buying an additional 276 shares during the period. Fifth Third Bancorp grew its stake in shares of Ovintiv by 13.4% in the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company's stock valued at $97,000 after buying an additional 282 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Ovintiv by 1.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company's stock valued at $830,000 after buying an additional 300 shares during the period. Finally, Bessemer Group Inc. lifted its position in Ovintiv by 0.4% during the 4th quarter. Bessemer Group Inc. now owns 70,053 shares of the company's stock worth $2,837,000 after acquiring an additional 310 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on OVV. Scotiabank raised Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Bank of America raised shares of Ovintiv from a "neutral" rating to a "buy" rating and lowered their price objective for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Barclays cut their target price on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. reduced their price objective on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, Morgan Stanley reissued an "overweight" rating and set a $50.00 target price on shares of Ovintiv in a research note on Tuesday, April 15th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $55.76.

Ovintiv Price Performance

Shares of NYSE OVV traded down $0.43 during mid-day trading on Tuesday, hitting $34.57. 2,438,236 shares of the stock were exchanged, compared to its average volume of 3,181,427. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $53.57. The stock's fifty day simple moving average is $38.41 and its two-hundred day simple moving average is $41.01. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market cap of $9.00 billion, a P/E ratio of 4.58 and a beta of 2.04.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.30 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 3.47%. Ovintiv's payout ratio 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.