Raymond James Financial Inc. Purchases Shares of 191,916 Ovintiv Inc. (NYSE:OVV)

Raymond James Financial Inc. acquired a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 191,916 shares of the company's stock, valued at approximately $7,773,000. Raymond James Financial Inc. owned approximately 0.07% of Ovintiv at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. True Wealth Design LLC boosted its position in shares of Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company's stock valued at $25,000 after acquiring an additional 636 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in Ovintiv by 100.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after purchasing an additional 360 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in 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 purchasing an additional 335 shares during the period. Cullen Frost Bankers Inc. grew its position in shares of Ovintiv by 3,571.4% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock worth $42,000 after purchasing an additional 1,000 shares in the last quarter. Finally, SRS Capital Advisors Inc. increased its holdings in shares of Ovintiv by 4,132.3% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,312 shares of the company's stock worth $53,000 after purchasing an additional 1,281 shares during the period. Institutional investors own 83.81% of the company's stock.

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Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on OVV. Williams Trading set a $58.00 price target on Ovintiv in a research note on Wednesday, March 5th. Wells Fargo & Company upped their target price on Ovintiv from $44.00 to $45.00 and gave the company an "equal weight" rating in a research report on Thursday, March 20th. Bank of America upgraded Ovintiv from a "neutral" rating to a "buy" rating and decreased their price target for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Morgan Stanley reaffirmed an "overweight" rating and set a $57.00 price objective on shares of Ovintiv in a research report on Wednesday. Finally, National Bankshares raised their target price on shares of Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $57.11.

Ovintiv Price Performance

Shares of OVV traded up $0.24 during trading hours on Wednesday, reaching $44.04. The stock had a trading volume of 3,244,332 shares, compared to its average volume of 2,956,923. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv Inc. has a 12 month low of $36.62 and a 12 month high of $55.95. The stock has a market capitalization of $11.47 billion, a PE ratio of 5.84 and a beta of 2.55. The company's 50-day moving average is $42.75 and its two-hundred day moving average is $41.84.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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 dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv's payout ratio is 28.57%.

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.