Kovitz Investment Group Partners LLC Buys New Holdings in Ovintiv Inc. (NYSE:OVV)

Kovitz Investment Group Partners LLC bought a new position in Ovintiv Inc. (NYSE:OVV - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 77,282 shares of the company's stock, valued at approximately $3,130,000.

Other large investors have also recently made changes to their positions in the company. Tidal Investments LLC purchased a new position in shares of Ovintiv during the third quarter valued at approximately $409,000. Franklin Resources Inc. grew its position in Ovintiv by 16.0% in the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company's stock valued at $11,527,000 after acquiring an additional 37,341 shares during the last quarter. Retirement Systems of Alabama increased its stake in Ovintiv by 4.4% in the third quarter. Retirement Systems of Alabama now owns 320,759 shares of the company's stock worth $12,288,000 after purchasing an additional 13,536 shares during the period. JPMorgan Chase & Co. increased its stake in Ovintiv by 0.5% in the third quarter. JPMorgan Chase & Co. now owns 1,172,375 shares of the company's stock worth $44,914,000 after purchasing an additional 5,832 shares during the period. Finally, Modus Advisors LLC lifted its position in shares of Ovintiv by 3.1% during the fourth quarter. Modus Advisors LLC now owns 111,958 shares of the company's stock worth $4,534,000 after purchasing an additional 3,401 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on OVV shares. Bank of America raised shares of Ovintiv from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. Wells Fargo & Company lifted their price target on shares of Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 22nd. Barclays dropped their price objective on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Williams Trading set a $58.00 target price on Ovintiv in a research report on Wednesday, March 5th. Finally, Truist Financial increased their price target on Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv has an average rating of "Buy" and a consensus target price of $55.76.

Ovintiv Stock Up 2.4 %

NYSE:OVV traded up $0.80 during mid-day trading on Thursday, hitting $34.38. 2,763,790 shares of the company's stock traded hands, compared to its average volume of 3,188,932. The company has a fifty day moving average of $38.00 and a 200 day moving average of $40.91. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $52.90. The company has a market capitalization of $8.95 billion, a P/E ratio of 4.56 and a beta of 2.04.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend was Friday, March 14th. Ovintiv's dividend payout ratio (DPR) 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.