Ovintiv Inc. (NYSE:OVV) Position Cut by Magnetar Financial LLC

Magnetar Financial LLC trimmed its holdings in Ovintiv Inc. (NYSE:OVV) by 12.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,520 shares of the company’s stock after selling 20,918 shares during the quarter. Magnetar Financial LLC owned about 0.06% of Ovintiv worth $5,813,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. True Wealth Design LLC grew its holdings in Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after buying an additional 636 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew 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 worth $29,000 after buying an additional 360 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in Ovintiv by 71.3% in the 4th 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. Cullen Frost Bankers Inc. grew its holdings in Ovintiv by 3,571.4% in the 4th 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 grew its holdings 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 buying an additional 940 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

Ovintiv Price Performance

OVV opened at $42.39 on Thursday. Ovintiv Inc. has a 12-month low of $36.62 and a 12-month high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $11.04 billion, a P/E ratio of 5.62 and a beta of 2.55. The stock has a fifty day moving average of $42.85 and a 200-day moving average of $41.80.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s dividend payout ratio (DPR) is presently 28.57%.

Wall Street Analyst Weigh In

OVV has been the subject of a number of research analyst reports. National Bankshares upped their target price on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. UBS Group cut their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Mizuho cut their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Wells Fargo & Company cut their target price on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. cut their target price on Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average price target of $56.61.

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.