Proficio Capital Partners LLC Takes Position in Ovintiv Inc. (NYSE:OVV)

Proficio Capital Partners LLC bought a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 18,962 shares of the company's stock, valued at approximately $768,000.

Several other large investors have also recently bought and sold shares of OVV. Franklin Resources Inc. raised its stake in shares of Ovintiv by 16.0% during the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company's stock worth $11,527,000 after purchasing an additional 37,341 shares in the last quarter. Smead Capital Management Inc. raised its position in Ovintiv by 3.5% during the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company's stock worth $241,476,000 after acquiring an additional 212,535 shares in the last quarter. Retirement Systems of Alabama lifted its stake in Ovintiv by 4.4% in the third quarter. Retirement Systems of Alabama now owns 320,759 shares of the company's stock valued at $12,288,000 after acquiring an additional 13,536 shares during the last quarter. Entropy Technologies LP grew its position in shares of Ovintiv by 319.9% in the 3rd quarter. Entropy Technologies LP now owns 149,457 shares of the company's stock valued at $5,726,000 after acquiring an additional 113,866 shares during the period. Finally, KBC Group NV increased its stake in shares of Ovintiv by 8.9% during the 3rd quarter. KBC Group NV now owns 333,207 shares of the company's stock worth $12,765,000 after purchasing an additional 27,338 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

A number of research firms recently commented on OVV. Wells Fargo & Company reduced their price target on Ovintiv from $48.00 to $42.00 and set an "equal weight" rating for the company in a report on Tuesday, December 17th. Citigroup decreased their target price on Ovintiv from $55.00 to $54.00 and set a "buy" rating on the stock in a report on Tuesday, November 26th. Barclays increased their price target on Ovintiv from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. 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 report on Monday, January 13th. Finally, National Bankshares increased their price objective 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. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $56.94.

Ovintiv Price Performance

NYSE OVV traded up $0.93 during midday trading on Wednesday, hitting $39.87. The company had a trading volume of 2,210,008 shares, compared to its average volume of 2,823,711. The firm has a 50-day moving average price of $42.97 and a 200-day moving average price of $41.91. The company has a market capitalization of $10.38 billion, a PE ratio of 5.29 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 twelve month low of $36.62 and a twelve month high of $55.95.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 3.01%. Ovintiv's dividend 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.