Ovintiv Inc. (NYSE:OVV) Shares Sold by Legal & General Group Plc

Legal & General Group Plc reduced its stake in Ovintiv Inc. (NYSE:OVV) by 38.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 979,999 shares of the company’s stock after selling 618,250 shares during the quarter. Legal & General Group Plc’s holdings in Ovintiv were worth $39,690,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in OVV. HighTower Advisors LLC lifted 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 in the last quarter. Stifel Financial Corp raised its holdings in shares of Ovintiv by 1.6% in the 3rd quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock valued at $781,000 after buying an additional 322 shares during the period. EP Wealth Advisors LLC acquired a new position in Ovintiv during the 3rd quarter worth about $214,000. Orion Portfolio Solutions LLC boosted its holdings in Ovintiv by 5.6% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 42,304 shares of the company’s stock valued at $1,621,000 after acquiring an additional 2,244 shares during the period. Finally, MML Investors Services LLC grew its position in Ovintiv by 11.3% in the 3rd quarter. MML Investors Services LLC now owns 10,570 shares of the company’s stock valued at $405,000 after acquiring an additional 1,074 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on OVV shares. JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. National Bankshares increased their target price on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Barclays boosted their price target on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. BMO Capital Markets upgraded Ovintiv from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $55.00 to $57.00 in a research note on Monday, March 24th. Finally, Wells Fargo & Company boosted their target price on Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Ovintiv presently has an average rating of “Buy” and an average target price of $56.47.

Ovintiv Trading Up 3.3 %

NYSE:OVV opened at $32.77 on Friday. The company has a market capitalization of $8.53 billion, a PE ratio of 4.35 and a beta of 2.04. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $55.77. The stock’s 50 day moving average price is $40.67 and its 200 day moving average price is $41.60. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.30 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.66%. Ovintiv’s payout ratio is 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.