NFJ Investment Group LLC Has $32.52 Million Position in Ovintiv Inc. (NYSE:OVV)

NFJ Investment Group LLC grew its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 1.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 803,060 shares of the company's stock after acquiring an additional 11,233 shares during the period. Ovintiv comprises about 1.0% of NFJ Investment Group LLC's investment portfolio, making the stock its 21st biggest holding. NFJ Investment Group LLC owned approximately 0.31% of Ovintiv worth $32,524,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of OVV. Ninepoint Partners LP increased its stake in shares of Ovintiv by 16.9% in the fourth 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 during the period. Franklin Resources Inc. increased its holdings in shares of Ovintiv by 16.0% during the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company's stock valued at $11,527,000 after purchasing an additional 37,341 shares during the period. Westpac Banking Corp grew its position 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 buying an additional 12,340 shares in the last quarter. Retirement Systems of Alabama increased its stake in shares of Ovintiv by 4.4% during the third quarter. Retirement Systems of Alabama now owns 320,759 shares of the company's stock valued at $12,288,000 after acquiring an additional 13,536 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Ovintiv by 2.4% in the 4th 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 currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OVV has been the subject of a number of recent research reports. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Williams Trading set a $58.00 price target on shares of Ovintiv in a research report on Wednesday, March 5th. Barclays boosted their target price on shares of Ovintiv from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, Truist Financial lifted their price objective on Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Two equities research 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 stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $56.06.

Ovintiv Stock Performance

OVV stock traded down $1.40 during mid-day trading on Monday, hitting $32.42. 512,048 shares of the company were exchanged, compared to its average volume of 3,479,402. The stock has a market capitalization of $8.44 billion, a PE ratio of 4.30 and a beta of 2.04. The business has a 50 day simple moving average of $39.61 and a 200-day simple moving average of $41.38. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $53.57.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.70%. The ex-dividend date was Friday, March 14th. Ovintiv's dividend payout ratio (DPR) is 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.