Bridgewater Associates LP Boosts Stake in Ovintiv Inc. (NYSE:OVV)

Bridgewater Associates LP increased its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 23.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 291,641 shares of the company's stock after purchasing an additional 55,125 shares during the quarter. Bridgewater Associates LP owned approximately 0.11% of Ovintiv worth $11,811,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in Ovintiv by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company's stock valued at $1,193,272,000 after acquiring an additional 451,947 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Ovintiv by 1,732.9% in 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. Bank of New York Mellon Corp boosted its holdings in shares of Ovintiv by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company's stock worth $118,530,000 after buying an additional 8,168 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Ovintiv by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock valued at $77,508,000 after acquiring an additional 45,147 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Ovintiv by 30.1% during the fourth quarter. JPMorgan Chase & Co. now owns 1,524,743 shares of the company's stock worth $61,752,000 after acquiring an additional 352,368 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on OVV. Scotiabank upgraded Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Bank of America raised Ovintiv from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. Morgan Stanley reaffirmed an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a report on Tuesday, April 15th. National Bankshares boosted their price target on shares of Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Finally, Barclays upped their target price on Ovintiv from $57.00 to $59.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $56.12.

Ovintiv Stock Up 3.2 %

Shares of OVV stock traded up $1.04 during mid-day trading on Tuesday, reaching $33.69. 364,279 shares of the company's stock traded hands, compared to its average volume of 3,154,857. 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 company's 50-day moving average price is $39.41 and its 200-day moving average price is $41.30. The company has a market cap of $8.77 billion, a P/E ratio of 4.47 and a beta of 2.04. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $53.57.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 3.56%. Ovintiv's dividend payout ratio is currently 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.