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

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

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Nisa Investment Advisors LLC boosted its position in shares of Ovintiv by 0.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company's stock worth $2,647,000 after purchasing an additional 231 shares during the period. Fifth Third Bancorp lifted its stake in Ovintiv by 13.4% during the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company's stock worth $97,000 after purchasing an additional 282 shares in the last quarter. OneDigital Investment Advisors LLC boosted its position in shares of Ovintiv by 5.2% during the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company's stock worth $231,000 after buying an additional 298 shares during the period. Stifel Financial Corp grew its stake in shares of Ovintiv by 1.6% in the third quarter. Stifel Financial Corp now owns 20,385 shares of the company's stock valued at $781,000 after buying an additional 322 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after buying an additional 335 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

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Ovintiv Stock Performance

OVV traded up $0.24 during trading on Wednesday, hitting $44.04. 3,244,332 shares of the stock were exchanged, compared to its average volume of 2,956,923. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 1-year low of $36.62 and a 1-year high of $55.95. The stock has a fifty day moving average price of $42.75 and a two-hundred day moving average price of $41.84. The firm has a market capitalization of $11.47 billion, a P/E ratio of 5.84 and a beta of 2.55.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv's dividend payout ratio is currently 28.57%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on OVV. Wells Fargo & Company boosted their price target on shares of Ovintiv from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Thursday, March 20th. JPMorgan Chase & Co. reduced their target price on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Morgan Stanley restated an "overweight" rating and issued a $57.00 price target on shares of Ovintiv in a research note on Wednesday. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $55.00 to $57.00 in a research note on Monday. Finally, Bank of America raised Ovintiv from a "neutral" rating to a "buy" rating and lowered their target price for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Ovintiv currently has an average rating of "Moderate Buy" and a consensus price target of $57.11.

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.