Westpac Banking Corp grew its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 64.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 31,369 shares of the company's stock after purchasing an additional 12,340 shares during the period. Westpac Banking Corp's holdings in Ovintiv were worth $1,270,000 as of its most recent filing with the SEC.
Other large investors have also made changes to their positions in the company. Ninepoint Partners LP boosted its position in Ovintiv by 16.9% in the fourth quarter. Ninepoint Partners LP now owns 225,000 shares of the company's stock valued at $9,112,000 after buying an additional 32,500 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Ovintiv by 16.0% in the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company's stock worth $11,527,000 after acquiring an additional 37,341 shares in the last quarter. Retirement Systems of Alabama boosted its holdings in shares of Ovintiv by 4.4% in the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company's stock worth $12,288,000 after acquiring an additional 13,536 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Ovintiv by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock worth $77,508,000 after acquiring an additional 45,147 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Ovintiv by 19.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock valued at $8,768,000 after purchasing an additional 34,207 shares in the last quarter. Institutional investors own 83.81% of the company's stock.
Analysts Set New Price Targets
OVV has been the subject of a number of research reports. Mizuho lowered their target price on Ovintiv from $63.00 to $60.00 and set an "outperform" rating for the company in a research note on Monday, December 16th. Williams Trading set a $58.00 price objective on shares of Ovintiv in a research report on Wednesday, March 5th. Morgan Stanley reiterated an "overweight" rating and set a $57.00 target price on shares of Ovintiv in a research report on Wednesday, March 26th. National Bankshares raised their price target on shares of Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Finally, Barclays upped their price objective on Ovintiv from $57.00 to $59.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $57.17.
Read Our Latest Report on OVV
Ovintiv Trading Up 15.5 %
Shares of OVV stock traded up $4.83 on Wednesday, reaching $36.01. The company had a trading volume of 6,331,766 shares, compared to its average volume of 3,145,048. The stock has a market cap of $9.38 billion, a PE ratio of 4.78 and a beta of 2.04. The company has a 50-day moving average of $41.09 and a 200-day moving average of $41.70. 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 Inc. has a 12 month low of $29.80 and a 12 month high of $55.95.
Ovintiv Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.33%. The ex-dividend date was Friday, March 14th. Ovintiv's payout ratio is presently 28.57%.
Ovintiv Company Profile
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Free Report)
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.
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