Nuveen Asset Management LLC Increases Holdings in Ovintiv Inc. (NYSE:OVV)

Nuveen Asset Management LLC increased its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 6.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 846,729 shares of the company's stock after purchasing an additional 47,903 shares during the period. Nuveen Asset Management LLC owned 0.33% of Ovintiv worth $34,293,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of OVV. Park Avenue Securities LLC raised its position in shares of Ovintiv by 8.9% during the 4th quarter. Park Avenue Securities LLC now owns 6,845 shares of the company's stock worth $277,000 after purchasing an additional 558 shares during the last quarter. Merit Financial Group LLC acquired a new position in Ovintiv in the 4th quarter valued at $333,000. UMB Bank n.a. raised its holdings in Ovintiv by 87.8% in the 4th quarter. UMB Bank n.a. now owns 2,473 shares of the company's stock valued at $100,000 after acquiring an additional 1,156 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Ovintiv by 100.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock valued at $29,000 after acquiring an additional 360 shares during the last quarter. Finally, Crossmark Global Holdings Inc. raised its holdings in Ovintiv by 341.8% in the 4th quarter. Crossmark Global Holdings Inc. now owns 68,792 shares of the company's stock valued at $2,786,000 after acquiring an additional 53,221 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Trading Up 1.9%

Shares of NYSE OVV traded up $0.68 during trading on Tuesday, hitting $36.54. 3,362,551 shares of the company traded hands, compared to its average volume of 3,257,212. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $51.72. The company has a 50-day moving average price of $36.39 and a 200-day moving average price of $40.36. The firm has a market capitalization of $9.49 billion, a P/E ratio of 4.85 and a beta of 1.14. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

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

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a yield of 3.28%. Ovintiv's dividend payout ratio (DPR) is 51.06%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $55.00 to $57.00 in a report on Monday, March 24th. Morgan Stanley reiterated an "overweight" rating and issued a $50.00 price target on shares of Ovintiv in a report on Tuesday, April 15th. Wells Fargo & Company boosted their price target on Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a report on Tuesday, April 22nd. JPMorgan Chase & Co. cut their price target on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, Scotiabank upgraded Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $55.65.

About Ovintiv

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.