Intrust Bank NA Decreases Stake in Ovintiv Inc. (NYSE:OVV)

Intrust Bank NA lessened its stake in shares of Ovintiv Inc. (NYSE:OVV) by 4.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,096 shares of the company’s stock after selling 459 shares during the period. Intrust Bank NA’s holdings in Ovintiv were worth $449,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Allstate Corp purchased a new stake in shares of Ovintiv during the fourth quarter valued at $325,000. DnB Asset Management AS lifted its position in Ovintiv by 8.9% during the 4th quarter. DnB Asset Management AS now owns 56,258 shares of the company’s stock worth $2,278,000 after acquiring an additional 4,582 shares during the period. Pictet Asset Management Holding SA grew its stake in Ovintiv by 5.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 89,690 shares of the company’s stock valued at $3,632,000 after purchasing an additional 4,272 shares during the last quarter. New Age Alpha Advisors LLC acquired a new position in shares of Ovintiv in the fourth quarter valued at about $2,371,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Ovintiv by 30.1% in the fourth quarter. JPMorgan Chase & Co. now owns 1,524,743 shares of the company’s stock worth $61,752,000 after purchasing an additional 352,368 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on OVV. Barclays increased their price target on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. National Bankshares increased their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Wells Fargo & Company raised their target price on shares of Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, March 20th. Morgan Stanley reaffirmed an “overweight” rating and issued a $57.00 price target on shares of Ovintiv in a report on Wednesday, March 26th. Finally, Truist Financial lifted their price objective on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $57.17.

Ovintiv Stock Performance

Shares of NYSE:OVV opened at $42.24 on Monday. 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 $36.62 and a 1 year high of $55.95. The firm has a market capitalization of $11.00 billion, a PE ratio of 5.60 and a beta of 2.55. The business’s 50 day moving average price is $42.59 and its 200-day moving average price is $41.93.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 2.84%. Ovintiv’s dividend payout ratio (DPR) is presently 28.57%.

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.