Marshall Wace LLP Purchases New Position in Ovintiv Inc. (NYSE:OVV)

Marshall Wace LLP purchased a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 107,659 shares of the company's stock, valued at approximately $4,360,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of OVV. 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 period. Smartleaf Asset Management LLC grew its position in shares of Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after purchasing an additional 335 shares during the last quarter. Mizuho Bank Ltd. bought a new position in shares of Ovintiv during the fourth quarter worth approximately $40,000. Cullen Frost Bankers Inc. lifted its holdings in Ovintiv by 3,571.4% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock worth $42,000 after purchasing an additional 1,000 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Ovintiv by 451.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company's stock valued at $46,000 after purchasing an additional 940 shares during the period. Institutional investors own 83.81% of the company's stock.

Ovintiv Trading Down 2.9 %

Shares of NYSE:OVV traded down $1.01 during midday trading on Wednesday, hitting $33.55. 2,998,815 shares of the stock were exchanged, compared to its average volume of 3,190,633. 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 12 month low of $29.80 and a 12 month high of $52.90. The stock has a market capitalization of $8.74 billion, a price-to-earnings ratio of 4.45 and a beta of 2.04. The business's 50-day moving average price is $38.00 and its 200 day moving average price is $40.91.

Ovintiv Announces Dividend

The business also recently disclosed 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 dividend yield of 3.58%. The ex-dividend date was Friday, March 14th. Ovintiv's dividend payout ratio is currently 28.57%.

Wall Street Analyst Weigh In

OVV has been the subject of a number of research reports. National Bankshares lifted their target price on Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Bank of America upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and dropped their price objective for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. JPMorgan Chase & Co. lowered their target price on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Williams Trading set a $58.00 price target on Ovintiv in a research note on Wednesday, March 5th. Finally, BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and raised their price objective for the stock 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 issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Ovintiv presently has an average rating of "Buy" and a consensus target price of $55.76.

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.