Federated Hermes Inc. Buys 16,945 Shares of Ovintiv Inc. (NYSE:OVV)

Federated Hermes Inc. lifted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 11.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 164,796 shares of the company’s stock after purchasing an additional 16,945 shares during the quarter. Federated Hermes Inc.’s holdings in Ovintiv were worth $6,674,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB boosted its holdings in Ovintiv by 100.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after purchasing an additional 360 shares during the period. Smartleaf Asset Management LLC raised its position in shares of Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after buying an additional 335 shares in the last quarter. Mizuho Bank Ltd. bought a new stake in Ovintiv during the fourth quarter valued at $40,000. Cullen Frost Bankers Inc. grew its position in Ovintiv by 3,571.4% during the fourth quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company’s stock worth $42,000 after buying an additional 1,000 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Ovintiv by 451.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company’s stock worth $46,000 after acquiring an additional 940 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on OVV shares. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and dropped their price target for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Truist Financial boosted their price target on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. JPMorgan Chase & Co. decreased their price target on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. BMO Capital Markets raised shares of Ovintiv from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Finally, National Bankshares increased their target price on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Two 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 company’s stock. Based on data from MarketBeat.com, Ovintiv currently has an average rating of “Buy” and a consensus target price of $57.17.

Ovintiv Stock Performance

Shares of OVV stock opened at $32.77 on Friday. The company has a market capitalization of $8.53 billion, a P/E ratio of 4.35 and a beta of 2.04. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $55.77. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a 50 day moving average price of $40.67 and a two-hundred day moving average price of $41.60.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued 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 yield of 3.66%. Ovintiv’s dividend payout ratio is currently 28.57%.

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.