Ovintiv Inc. (NYSE:OVV) Shares Sold by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co cut its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 5.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 209,751 shares of the company’s stock after selling 13,155 shares during the quarter. CANADA LIFE ASSURANCE Co’s holdings in Ovintiv were worth $8,489,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Ninepoint Partners LP increased its position in shares of Ovintiv by 16.9% in the 4th quarter. Ninepoint Partners LP now owns 225,000 shares of the company’s stock valued at $9,112,000 after purchasing an additional 32,500 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Ovintiv by 16.0% during the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock worth $11,527,000 after buying an additional 37,341 shares during the last quarter. Westpac Banking Corp boosted its position in shares of Ovintiv by 64.8% during the 4th quarter. Westpac Banking Corp now owns 31,369 shares of the company’s stock worth $1,270,000 after acquiring an additional 12,340 shares in the last quarter. Retirement Systems of Alabama increased its holdings in shares of Ovintiv by 4.4% in the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock valued at $12,288,000 after acquiring an additional 13,536 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Ovintiv by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company’s stock worth $77,508,000 after acquiring an additional 45,147 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

NYSE:OVV opened at $32.71 on Tuesday. The firm has a market cap of $8.52 billion, a price-to-earnings ratio of 4.34 and a beta of 2.04. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $53.57. The firm’s fifty day moving average price is $39.41 and its 200 day moving average price is $41.30.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid 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 dividend yield of 3.67%. Ovintiv’s dividend payout ratio (DPR) is 28.57%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Barclays increased their target price 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. 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 research report on Monday, January 13th. Wells Fargo & Company raised their price objective on Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, March 20th. Finally, Truist Financial boosted their target price on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $56.06.

Ovintiv Company 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.