CANADA LIFE ASSURANCE Co Cuts Stock Position in Ovintiv Inc. (NYSE:OVV)

CANADA LIFE ASSURANCE Co reduced its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 5.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 209,751 shares of the company's stock after selling 13,155 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.08% of Ovintiv worth $8,489,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of OVV. Arrowstreet Capital Limited Partnership raised its stake in Ovintiv by 1,732.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock valued at $137,134,000 after acquiring an additional 3,203,087 shares during the period. Pacific Heights Asset Management LLC boosted its position in Ovintiv by 697.4% during the fourth quarter. Pacific Heights Asset Management LLC now owns 1,515,000 shares of the company's stock worth $61,358,000 after purchasing an additional 1,325,000 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in Ovintiv by 1,807.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 791,853 shares of the company's stock worth $32,070,000 after purchasing an additional 750,349 shares during the period. Teacher Retirement System of Texas increased its stake in shares of Ovintiv by 180.0% in the fourth quarter. Teacher Retirement System of Texas now owns 744,905 shares of the company's stock worth $30,169,000 after purchasing an additional 478,846 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Ovintiv by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company's stock valued at $1,193,272,000 after purchasing an additional 451,947 shares during the period. Hedge funds and other institutional investors own 83.81% of the company's stock.

Wall Street Analyst Weigh In

OVV has been the subject of several analyst reports. Truist Financial raised their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a report on Monday, January 13th. National Bankshares increased 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. Scotiabank upgraded Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $55.00 to $57.00 in a research note on Monday, March 24th. Finally, Wells Fargo & Company raised their target price on Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Ovintiv currently has a consensus rating of "Buy" and a consensus target price of $55.76.

Ovintiv Price Performance

Shares of OVV traded up $0.17 during trading hours on Friday, reaching $34.70. 2,328,351 shares of the company's stock traded hands, compared to its average volume of 3,187,066. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $53.57. 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 market cap of $9.04 billion, a PE ratio of 4.60 and a beta of 2.04. The firm's 50 day simple moving average is $38.62 and its 200-day simple moving average is $41.06.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.30 per share. The ex-dividend date was Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 3.46%. 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.