Pitcairn Co. Lowers Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Pitcairn Co. lessened its position in Ovintiv Inc. (NYSE:OVV) by 4.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,892 shares of the company’s stock after selling 499 shares during the quarter. Pitcairn Co.’s holdings in Ovintiv were worth $401,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. HighTower Advisors LLC increased its stake in Ovintiv by 17.5% during the third quarter. HighTower Advisors LLC now owns 15,456 shares of the company’s stock worth $591,000 after purchasing an additional 2,303 shares during the period. Investment Management Corp of Ontario lifted its holdings in Ovintiv by 46.1% during the 3rd quarter. Investment Management Corp of Ontario now owns 8,870 shares of the company’s stock worth $340,000 after buying an additional 2,800 shares in the last quarter. Redwood Investment Management LLC boosted its position in Ovintiv by 4.2% in the 3rd quarter. Redwood Investment Management LLC now owns 30,486 shares of the company’s stock valued at $1,170,000 after buying an additional 1,218 shares during the period. Stifel Financial Corp grew its stake in shares of Ovintiv by 1.6% in the third quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock worth $781,000 after acquiring an additional 322 shares in the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Ovintiv by 26.1% during the third quarter. Two Sigma Advisers LP now owns 1,272,750 shares of the company’s stock worth $48,759,000 after acquiring an additional 263,500 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on OVV shares. JPMorgan Chase & Co. lowered their target price on Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Morgan Stanley restated an “overweight” rating and set a $57.00 target price on shares of Ovintiv in a research note on Wednesday, March 26th. Wells Fargo & Company lifted their price target on shares of Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 20th. National Bankshares increased their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, Mizuho decreased their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $57.17.

Ovintiv Trading Down 15.8 %

NYSE:OVV opened at $32.89 on Friday. The company has a market capitalization of $8.57 billion, a PE ratio of 4.36 and a beta of 2.04. Ovintiv Inc. has a 52-week low of $32.63 and a 52-week high of $55.95. The stock’s 50 day moving average price is $42.11 and its 200 day moving average price is $41.96. 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 Announces Dividend

The firm also recently announced 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 was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.65%. Ovintiv’s dividend payout ratio (DPR) 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.