Aristides Capital LLC Takes $326,000 Position in Ovintiv Inc. (NYSE:OVV)

Aristides Capital LLC purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 8,041 shares of the company’s stock, valued at approximately $326,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its position in shares of Ovintiv by 0.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock valued at $2,647,000 after buying an additional 231 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its holdings in Ovintiv by 2.8% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock valued at $412,000 after acquiring an additional 276 shares during the last quarter. Fifth Third Bancorp lifted its stake in Ovintiv by 13.4% in the 4th quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock worth $97,000 after purchasing an additional 282 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Ovintiv by 1.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock worth $830,000 after purchasing an additional 300 shares during the last quarter. Finally, Stifel Financial Corp grew its position in shares of Ovintiv by 1.6% in the third quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock valued at $781,000 after purchasing an additional 322 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Performance

Shares of OVV stock opened at $32.89 on Monday. The firm has a 50 day moving average of $42.11 and a two-hundred day moving average of $41.97. The stock has a market capitalization of $8.57 billion, a PE ratio of 4.36 and a beta of 2.04. 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 Inc. has a 52 week low of $31.95 and a 52 week high of $55.95.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 3.65%. Ovintiv’s payout ratio is 28.57%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on OVV shares. JPMorgan Chase & Co. reduced their price objective on Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Morgan Stanley reissued an “overweight” rating and set a $57.00 price target on shares of Ovintiv in a research report on Wednesday, March 26th. Mizuho reduced their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Truist Financial increased their price target on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, Barclays lifted their price target on shares of Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv has a consensus rating of “Buy” and an average 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.