Resona Asset Management Co. Ltd. Buys Shares of 75,361 Ovintiv Inc. (NYSE:OVV)

Resona Asset Management Co. Ltd. purchased a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 75,361 shares of the company's stock, valued at approximately $3,034,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. MassMutual Private Wealth & Trust FSB lifted its stake in Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock valued at $29,000 after acquiring an additional 360 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in Ovintiv by 71.3% during the fourth 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 last quarter. Cullen Frost Bankers Inc. boosted its holdings in Ovintiv by 3,571.4% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock worth $42,000 after buying an additional 1,000 shares during the period. EverSource Wealth Advisors LLC boosted 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 worth $46,000 after acquiring an additional 940 shares during the period. Finally, SRS Capital Advisors Inc. increased its position 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 valued at $53,000 after buying an additional 1,281 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

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Ovintiv Stock Up 0.8 %

Shares of OVV traded up $0.27 on Tuesday, hitting $32.56. 570,832 shares of the stock traded hands, compared to its average volume of 3,151,002. Ovintiv Inc. has a one year low of $29.80 and a one year high of $54.23. The business has a 50 day simple moving average of $40.45 and a 200 day simple moving average of $41.59. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market capitalization of $8.48 billion, a PE ratio of 4.32 and a beta of 2.04.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend was Friday, March 14th. Ovintiv's dividend payout ratio is currently 28.57%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on OVV shares. Bank of America upgraded Ovintiv from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. Barclays increased their price objective on Ovintiv from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Wells Fargo & Company boosted their price target on Ovintiv from $44.00 to $45.00 and gave the company an "equal weight" rating in a report on Thursday, March 20th. Finally, National Bankshares upped their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $56.47.

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.