Freestone Grove Partners LP Acquires Shares of 1,117,116 Ovintiv Inc. (NYSE:OVV)

Freestone Grove Partners LP purchased a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,117,116 shares of the company's stock, valued at approximately $45,243,000. Freestone Grove Partners LP owned approximately 0.43% of Ovintiv as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in 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 buying an additional 451,947 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Ovintiv by 14.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company's stock worth $225,265,000 after acquiring an additional 683,700 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Ovintiv by 1,732.9% during 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 during the last quarter. AQR Capital Management LLC boosted its holdings in Ovintiv by 69.7% in the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock valued at $132,992,000 after purchasing an additional 1,348,221 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Ovintiv by 0.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company's stock valued at $118,530,000 after purchasing an additional 8,168 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on OVV shares. National Bankshares boosted their price target on shares of Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Williams Trading set a $58.00 price target on Ovintiv in a research note on Wednesday, March 5th. Bank of America raised Ovintiv from a "neutral" rating to a "buy" rating and reduced their target price for the company from $55.00 to $54.00 in a report on Monday, January 13th. Truist Financial upped their price target on shares of Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Finally, Barclays decreased their price objective on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Two investment 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 MarketBeat, Ovintiv currently has an average rating of "Buy" and an average price target of $55.76.

Ovintiv Trading Up 2.9 %

NYSE OVV traded up $0.98 during mid-day trading on Tuesday, hitting $35.40. The company's stock had a trading volume of 1,844,838 shares, compared to its average volume of 3,193,606. The firm has a market capitalization of $9.22 billion, a P/E ratio of 4.69 and a beta of 1.14. 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 52-week low of $29.80 and a 52-week high of $52.90. The stock's fifty day simple moving average is $37.53 and its two-hundred day simple moving average is $40.77.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 3.39%. 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.