Mackenzie Financial Corp Increases Holdings in Ovintiv Inc. (NYSE:OVV)

Mackenzie Financial Corp increased its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 546,450 shares of the company's stock after acquiring an additional 7,256 shares during the quarter. Mackenzie Financial Corp owned approximately 0.21% of Ovintiv worth $22,112,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OVV. Janney Montgomery Scott LLC grew its stake in Ovintiv by 10.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 33,171 shares of the company's stock worth $1,343,000 after buying an additional 3,212 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Ovintiv by 13.4% during the 4th quarter. Fifth Third Bancorp now owns 2,385 shares of the company's stock valued at $97,000 after buying an additional 282 shares during the period. Drive Wealth Management LLC increased its stake in Ovintiv by 10.4% during the fourth quarter. Drive Wealth Management LLC now owns 11,376 shares of the company's stock worth $461,000 after acquiring an additional 1,067 shares during the last quarter. KBC Group NV raised its position in Ovintiv by 18.5% in the fourth quarter. KBC Group NV now owns 394,893 shares of the company's stock valued at $15,993,000 after purchasing an additional 61,686 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in Ovintiv by 1,807.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 791,853 shares of the company's stock worth $32,070,000 after buying an additional 750,349 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on OVV. Williams Trading set a $58.00 price objective on shares of Ovintiv in a research note on Wednesday, March 5th. JPMorgan Chase & Co. lowered their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Barclays reduced their price target on Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. National Bankshares raised their price objective on Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Finally, BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and increased their target price for the company from $55.00 to $57.00 in a research note on Monday, March 24th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $55.65.

Ovintiv Stock Down 0.3%

Shares of NYSE:OVV traded down $0.11 during trading on Wednesday, reaching $36.42. 3,795,242 shares of the stock were exchanged, compared to its average volume of 3,263,583. The firm has a market cap of $9.46 billion, a price-to-earnings ratio of 4.83 and a beta of 1.14. The stock has a fifty day moving average of $36.28 and a two-hundred day moving average of $40.34. 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 $29.80 and a 1-year high of $51.72.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.22. The company had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. Research analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.29%. The ex-dividend date is Friday, June 13th. Ovintiv's dividend payout ratio is currently 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.