DnB Asset Management AS Boosts Stake in Ovintiv Inc. (NYSE:OVV)

DnB Asset Management AS grew its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 8.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 56,258 shares of the company’s stock after acquiring an additional 4,582 shares during the period. DnB Asset Management AS’s holdings in Ovintiv were worth $2,278,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of OVV. Pictet Asset Management Holding SA increased its stake in shares of Ovintiv by 5.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 89,690 shares of the company’s stock worth $3,632,000 after buying an additional 4,272 shares during the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Ovintiv in the 4th quarter worth about $2,371,000. JPMorgan Chase & Co. raised its stake in shares of Ovintiv by 30.1% in the 4th quarter. JPMorgan Chase & Co. now owns 1,524,743 shares of the company’s stock valued at $61,752,000 after purchasing an additional 352,368 shares in the last quarter. Elo Mutual Pension Insurance Co lifted its position in shares of Ovintiv by 42.9% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 33,886 shares of the company’s stock worth $1,372,000 after purchasing an additional 10,178 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Ovintiv by 19.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company’s stock worth $8,768,000 after purchasing an additional 34,207 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on OVV. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $55.00 to $57.00 in a research note on Monday, March 24th. Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a report on Wednesday, March 19th. Williams Trading set a $58.00 price objective on shares of Ovintiv in a research note on Wednesday, March 5th. Finally, Barclays lifted their target price on Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $57.17.

Ovintiv Stock Up 2.5 %

Shares of Ovintiv stock opened at $43.87 on Wednesday. Ovintiv Inc. has a 1 year low of $36.62 and a 1 year high of $55.95. The company has a market cap of $11.42 billion, a P/E ratio of 5.82 and a beta of 2.55. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a 50-day moving average price of $42.50 and a 200 day moving average price of $41.99.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend was Friday, March 14th. Ovintiv’s payout ratio 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.