Geode Capital Management LLC Has $173.30 Million Stake in Ovintiv Inc. (NYSE:OVV)

Geode Capital Management LLC grew its stake in Ovintiv Inc. (NYSE:OVV) by 4.7% during the third quarter, HoldingsChannel reports. The firm owned 4,533,633 shares of the company’s stock after buying an additional 205,409 shares during the quarter. Geode Capital Management LLC’s holdings in Ovintiv were worth $173,296,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pacer Advisors Inc. lifted its stake in Ovintiv by 11,282.4% in the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after purchasing an additional 6,486,159 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Ovintiv by 114.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after acquiring an additional 1,618,556 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Ovintiv by 7,422.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock valued at $52,064,000 after acquiring an additional 1,340,947 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Ovintiv by 17.2% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after acquiring an additional 1,207,610 shares in the last quarter. Finally, SIR Capital Management L.P. bought a new stake in Ovintiv during the 2nd quarter worth $22,732,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Trading Down 1.9 %

NYSE OVV opened at $40.51 on Monday. The stock has a market capitalization of $10.55 billion, a P/E ratio of 5.37 and a beta of 2.63. The business has a 50 day simple moving average of $42.32 and a 200 day simple moving average of $43.55. 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 one year low of $36.90 and a one year high of $55.95.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is 15.92%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Truist Financial increased their target price on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Evercore ISI dropped their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Wells Fargo & Company reduced their target price on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 1st. Barclays raised their price target on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, UBS Group reduced their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $56.47.

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.