Quest Partners LLC Buys 34,443 Shares of Ovintiv Inc. (NYSE:OVV)

Quest Partners LLC lifted its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 449.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 42,109 shares of the company's stock after purchasing an additional 34,443 shares during the period. Quest Partners LLC's holdings in Ovintiv were worth $1,613,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Innealta Capital LLC purchased a new stake in Ovintiv in the second quarter worth about $39,000. UMB Bank n.a. lifted its position in shares of Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock valued at $50,000 after buying an additional 286 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Ovintiv during the second quarter valued at about $69,000. Covestor Ltd lifted its position in shares of Ovintiv by 23.1% during the first quarter. Covestor Ltd now owns 1,559 shares of the company's stock valued at $81,000 after buying an additional 293 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Ovintiv by 24.0% during the second quarter. Blue Trust Inc. now owns 1,793 shares of the company's stock valued at $93,000 after buying an additional 347 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Performance

Shares of OVV traded down $0.36 during trading hours on Tuesday, reaching $44.60. 2,895,003 shares of the company's stock traded hands, compared to its average volume of 3,086,275. The business's fifty day simple moving average is $40.80 and its two-hundred day simple moving average is $44.36. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95. The firm has a market capitalization of $11.61 billion, a price-to-earnings ratio of 5.96 and a beta of 2.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date is Friday, December 13th. Ovintiv's dividend payout ratio (DPR) is presently 15.92%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on OVV shares. Mizuho decreased their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Wednesday, October 9th. Wells Fargo & Company cut their price target on shares of Ovintiv from $51.00 to $42.00 and set an "equal weight" rating on the stock in a report on Tuesday, October 1st. JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $60.00 to $51.00 and set an "overweight" rating on the stock in a report on Thursday, September 12th. Citigroup dropped their price objective on shares of Ovintiv from $58.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, October 7th. Finally, Morgan Stanley decreased their price objective on Ovintiv from $53.00 to $51.00 and set an "equal weight" rating on the stock in a report on Monday, September 16th. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of "Moderate Buy" and an average target price of $56.71.

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.