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

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

Other hedge funds and other institutional investors have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB lifted its position in shares of Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after buying an additional 360 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after acquiring an additional 335 shares during the last quarter. Mizuho Bank Ltd. purchased a new stake in shares of Ovintiv during the 4th quarter worth approximately $40,000. Cullen Frost Bankers Inc. boosted 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 valued at $42,000 after acquiring an additional 1,000 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Ovintiv by 451.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company's stock valued at $46,000 after purchasing an additional 940 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on OVV shares. National Bankshares upped their price target on shares of Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Morgan Stanley reiterated an "overweight" rating and issued a $50.00 price target on shares of Ovintiv in a research report on Tuesday, April 15th. Wells Fargo & Company boosted their price objective on Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Tuesday. JPMorgan Chase & Co. lowered their price objective on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, Scotiabank raised Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $55.76.

Ovintiv Trading Up 0.5 %

OVV stock traded up $0.17 during trading on Friday, hitting $34.70. The company had a trading volume of 2,328,351 shares, compared to its average volume of 3,178,874. The firm has a market capitalization of $9.04 billion, a P/E ratio of 4.60 and a beta of 2.04. 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 52-week low of $29.80 and a 52-week high of $53.57. The company has a 50 day simple moving average of $38.62 and a 200-day simple moving average of $41.08.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend was Friday, March 14th. Ovintiv's dividend payout ratio is presently 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.