Point72 Hong Kong Ltd Acquires 207,277 Shares of Ovintiv Inc. (NYSE:OVV)

Point72 Hong Kong Ltd raised its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 1,834.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 218,577 shares of the company's stock after purchasing an additional 207,277 shares during the quarter. Point72 Hong Kong Ltd owned approximately 0.08% of Ovintiv worth $8,374,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. True Wealth Design LLC raised its position in Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company's stock worth $25,000 after purchasing an additional 636 shares during the last quarter. Innealta Capital LLC acquired a new position in Ovintiv during the second quarter valued at approximately $39,000. UMB Bank n.a. raised its stake in Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock worth $50,000 after buying an additional 286 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Ovintiv during the second quarter worth about $69,000. Finally, Transamerica Financial Advisors Inc. bought a new position in Ovintiv in the third quarter valued at approximately $65,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv Stock Performance

Shares of NYSE:OVV traded down $0.07 on Friday, hitting $45.42. The company had a trading volume of 1,158,304 shares, compared to its average volume of 3,108,043. The stock has a market cap of $11.82 billion, a price-to-earnings ratio of 6.02 and a beta of 2.62. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a 50 day moving average price of $41.94 and a 200 day moving average price of $44.08. Ovintiv Inc. has a 1-year low of $36.90 and a 1-year high of $55.95.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, December 13th. This represents a $1.20 annualized dividend and a yield of 2.64%. Ovintiv's dividend payout ratio (DPR) is presently 15.92%.

Wall Street Analyst Weigh In

OVV has been the topic of a number of research reports. Mizuho cut their price target on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Wednesday, October 9th. Citigroup cut their target price on Ovintiv from $55.00 to $54.00 and set a "buy" rating on the stock in a research note on Tuesday, November 26th. JPMorgan Chase & Co. decreased their price target on shares of Ovintiv from $60.00 to $51.00 and set an "overweight" rating for the company in a research note on Thursday, September 12th. Truist Financial lifted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company a "buy" rating in a report on Friday, November 15th. Finally, Morgan Stanley reduced their target price on shares of Ovintiv from $53.00 to $51.00 and set an "equal weight" rating for the company in a report on Monday, September 16th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Ovintiv has an average rating of "Moderate Buy" and an average target price of $56.65.

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.