Vanguard Group Inc. Buys 451,947 Shares of Ovintiv Inc. (NYSE:OVV)

Vanguard Group Inc. boosted its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 1.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,463,495 shares of the company's stock after purchasing an additional 451,947 shares during the period. Vanguard Group Inc. owned approximately 11.32% of Ovintiv worth $1,193,272,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Ninepoint Partners LP grew its holdings in shares of Ovintiv by 16.9% in the fourth quarter. Ninepoint Partners LP now owns 225,000 shares of the company's stock worth $9,112,000 after acquiring an additional 32,500 shares during the period. Franklin Resources Inc. increased its position in shares of Ovintiv by 16.0% during the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company's stock valued at $11,527,000 after purchasing an additional 37,341 shares during the last quarter. Retirement Systems of Alabama increased its position in shares of Ovintiv by 4.4% during the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company's stock valued at $12,288,000 after purchasing an additional 13,536 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Ovintiv by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock worth $77,508,000 after purchasing an additional 45,147 shares during the period. Finally, Merit Financial Group LLC purchased a new position in shares of Ovintiv in the fourth quarter worth approximately $333,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Ovintiv Price Performance

Shares of NYSE:OVV traded up $1.07 during midday trading on Tuesday, reaching $43.87. 2,979,382 shares of the company were exchanged, compared to its average volume of 3,064,279. The stock has a market cap of $11.42 billion, a PE ratio of 5.82 and a beta of 2.55. The business's fifty day moving average is $42.50 and its two-hundred day moving average is $41.99. Ovintiv Inc. has a one year low of $36.62 and a one year high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.74%. Ovintiv's payout ratio is 28.57%.

Wall Street Analyst Weigh In

A number of brokerages have commented on OVV. Morgan Stanley reaffirmed an "overweight" rating and set a $57.00 target price on shares of Ovintiv in a report on Wednesday, March 26th. Mizuho reduced their price objective on Ovintiv from $63.00 to $60.00 and set an "outperform" rating for the company in a research note on Monday, December 16th. Scotiabank upgraded Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. National Bankshares boosted their price target on Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Finally, Williams Trading set a $58.00 price objective on Ovintiv in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $57.17.

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.