Bank of America Corp DE Has $34.26 Million Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Bank of America Corp DE decreased its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 58.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 846,034 shares of the company's stock after selling 1,176,916 shares during the quarter. Bank of America Corp DE owned about 0.32% of Ovintiv worth $34,264,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership boosted its position in shares of Ovintiv by 1,732.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock worth $137,134,000 after purchasing an additional 3,203,087 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Ovintiv by 1,577.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock worth $99,587,000 after acquiring an additional 2,312,292 shares in the last quarter. Alyeska Investment Group L.P. grew its stake in Ovintiv by 243.6% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock valued at $103,870,000 after acquiring an additional 1,818,337 shares during the period. AQR Capital Management LLC increased its holdings in shares of Ovintiv by 69.7% in the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock worth $132,992,000 after acquiring an additional 1,348,221 shares in the last quarter. Finally, Webs Creek Capital Management LP acquired a new stake in shares of Ovintiv during the fourth quarter worth about $54,086,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on OVV shares. Morgan Stanley reissued an "overweight" rating and set a $50.00 target price on shares of Ovintiv in a research note on Tuesday, April 15th. Wells Fargo & Company boosted their price objective on shares of Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 22nd. Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. JPMorgan Chase & Co. dropped their price target on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, Williams Trading set a $58.00 price objective on Ovintiv in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Ovintiv has a consensus rating of "Buy" and a consensus target price of $55.65.

Ovintiv Stock Performance

Shares of OVV traded down $0.17 during midday trading on Tuesday, reaching $36.90. The stock had a trading volume of 2,857,527 shares, compared to its average volume of 3,233,593. The firm has a market cap of $9.59 billion, a PE ratio of 4.89 and a beta of 1.14. The firm has a 50 day simple moving average of $36.97 and a 200-day simple moving average of $40.58. Ovintiv Inc. has a one year low of $29.80 and a one year high of $51.72. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. The business had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. As a group, sell-side analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's payout ratio is presently 51.06%.

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.