Ovintiv Inc. (NYSE:OVV) Position Increased by Ninepoint Partners LP

Ninepoint Partners LP raised its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 16.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 225,000 shares of the company’s stock after purchasing an additional 32,500 shares during the period. Ovintiv comprises about 1.3% of Ninepoint Partners LP’s portfolio, making the stock its 14th largest holding. Ninepoint Partners LP’s holdings in Ovintiv were worth $9,112,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of OVV. Pacer Advisors Inc. boosted its holdings in shares of Ovintiv by 11,282.4% during the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after acquiring an additional 6,486,159 shares during the period. Pacific Heights Asset Management LLC boosted its holdings in shares of Ovintiv by 697.4% during the fourth quarter. Pacific Heights Asset Management LLC now owns 1,515,000 shares of the company’s stock valued at $61,358,000 after acquiring an additional 1,325,000 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after acquiring an additional 1,207,610 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Ovintiv by 1,807.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 791,853 shares of the company’s stock valued at $32,070,000 after acquiring an additional 750,349 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in shares of Ovintiv by 42.6% during the third quarter. Victory Capital Management Inc. now owns 1,174,397 shares of the company’s stock valued at $44,991,000 after acquiring an additional 350,909 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Price Performance

NYSE OVV opened at $40.50 on Friday. The stock’s 50-day moving average price is $42.87 and its two-hundred day moving average price is $41.84. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market cap of $10.54 billion, a PE ratio of 5.37 and a beta of 2.55. Ovintiv Inc. has a 1 year low of $36.62 and a 1 year high of $55.95.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 2.96%. Ovintiv’s payout ratio is presently 28.57%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OVV. Bank of America raised shares of Ovintiv from a “neutral” rating to a “buy” rating and reduced their price target for the company from $55.00 to $54.00 in a report on Monday, January 13th. JPMorgan Chase & Co. reduced their price objective on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday. Truist Financial upped their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Mizuho reduced their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Finally, UBS Group reduced their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a report on Monday, December 9th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.61.

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.