Ovintiv Inc. (NYSE:OVV) Shares Purchased by Royal Bank of Canada

Royal Bank of Canada boosted its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 151.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,310,993 shares of the company's stock after purchasing an additional 789,640 shares during the period. Royal Bank of Canada owned about 0.50% of Ovintiv worth $53,095,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Ninepoint Partners LP increased its stake in Ovintiv by 16.9% in the 4th quarter. Ninepoint Partners LP now owns 225,000 shares of the company's stock valued at $9,112,000 after purchasing an additional 32,500 shares in the last quarter. Westpac Banking Corp increased its stake in Ovintiv by 64.8% in the 4th quarter. Westpac Banking Corp now owns 31,369 shares of the company's stock valued at $1,270,000 after purchasing an additional 12,340 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Ovintiv during the fourth quarter worth $25,272,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Ovintiv by 19.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock worth $8,768,000 after buying an additional 34,207 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Ovintiv by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock worth $77,508,000 after buying an additional 45,147 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OVV has been the subject of several recent research reports. Wells Fargo & Company raised their price target on Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 22nd. Mizuho dropped their price target on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Scotiabank raised Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. Barclays dropped their price target on Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, Williams Trading set a $58.00 price target on Ovintiv in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $55.65.

Ovintiv Trading Up 0.2%

Ovintiv stock traded up $0.07 during midday trading on Tuesday, reaching $35.93. The stock had a trading volume of 818,892 shares, compared to its average volume of 3,247,543. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $51.72. The stock has a market capitalization of $9.33 billion, a PE ratio of 4.78 and a beta of 1.14. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock's 50-day simple moving average is $36.50 and its 200 day simple moving average is $40.39.

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

Ovintiv Announces Dividend

The company 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 $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's 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.