Raymond James Financial Inc. Invests $7.77 Million in Ovintiv Inc. (NYSE:OVV)

Raymond James Financial Inc. acquired a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 191,916 shares of the company's stock, valued at approximately $7,773,000. Raymond James Financial Inc. owned 0.07% of Ovintiv at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in OVV. Hotchkis & Wiley Capital Management LLC raised its stake in shares of Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company's stock valued at $314,623,000 after acquiring an additional 1,207,610 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in Ovintiv by 1,807.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 791,853 shares of the company's stock valued at $32,070,000 after purchasing an additional 750,349 shares in the last quarter. Glenmede Trust Co. NA raised its position in Ovintiv by 2,105.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 333,150 shares of the company's stock valued at $12,763,000 after purchasing an additional 318,041 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in shares of Ovintiv by 26.1% in the 3rd quarter. Two Sigma Advisers LP now owns 1,272,750 shares of the company's stock worth $48,759,000 after buying an additional 263,500 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of Ovintiv by 18.4% during the 4th quarter. Victory Capital Management Inc. now owns 1,390,498 shares of the company's stock worth $56,315,000 after buying an additional 216,101 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

Several research firms recently weighed in on OVV. Truist Financial upped their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Wells Fargo & Company upped their price target on shares of Ovintiv from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 20th. Williams Trading set a $58.00 price objective on shares of Ovintiv in a research note on Wednesday, March 5th. Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Finally, UBS Group cut their price target on Ovintiv from $59.00 to $56.00 and set a "buy" rating on the stock in a report on Monday, December 9th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $56.79.

Ovintiv Stock Performance

Shares of NYSE OVV traded up $0.76 during midday trading on Tuesday, reaching $43.77. The company had a trading volume of 3,113,878 shares, compared to its average volume of 2,955,891. Ovintiv Inc. has a 1 year low of $36.62 and a 1 year high of $55.95. The business's 50-day simple moving average is $42.75 and its 200 day simple moving average is $41.84. 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 market cap of $11.40 billion, a P/E ratio of 5.81 and a beta of 2.55.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.74%. The ex-dividend date is Friday, March 14th. 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.