Invesco Ltd. Raises Stock Position in Ovintiv Inc. (NYSE:OVV)

Invesco Ltd. increased its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 1.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,260,690 shares of the company's stock after purchasing an additional 21,738 shares during the quarter. Invesco Ltd. owned approximately 0.48% of Ovintiv worth $51,058,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Arrowstreet Capital Limited Partnership boosted its holdings in Ovintiv by 1,732.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock worth $137,134,000 after buying an additional 3,203,087 shares during the period. Pacific Heights Asset Management LLC increased its holdings in shares of Ovintiv by 697.4% in the 4th quarter. Pacific Heights Asset Management LLC now owns 1,515,000 shares of the company's stock worth $61,358,000 after buying an additional 1,325,000 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Ovintiv by 1,807.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 791,853 shares of the company's stock worth $32,070,000 after acquiring an additional 750,349 shares during the last quarter. Teacher Retirement System of Texas grew its position in Ovintiv by 180.0% in the fourth quarter. Teacher Retirement System of Texas now owns 744,905 shares of the company's stock worth $30,169,000 after acquiring an additional 478,846 shares in the last quarter. Finally, Vanguard Group Inc. increased 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 acquiring an additional 451,947 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Down 2.9 %

NYSE:OVV traded down $0.99 during mid-day trading on Monday, hitting $32.83. 267,207 shares of the company's stock were exchanged, compared to its average volume of 3,158,701. The business has a fifty day moving average price of $39.61 and a 200 day moving average price of $41.38. Ovintiv Inc. has a one year low of $29.80 and a one year high of $53.57. The company has a market cap of $8.55 billion, a PE ratio of 4.36 and a beta of 2.04. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.65%. The ex-dividend date was Friday, March 14th. Ovintiv's dividend payout ratio (DPR) is 28.57%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Bank of America raised Ovintiv from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. Williams Trading set a $58.00 price target on shares of Ovintiv in a research report on Wednesday, March 5th. Barclays boosted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Wells Fargo & Company lifted their target price on shares of Ovintiv from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 20th. Finally, Scotiabank upgraded Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Ovintiv presently has a consensus rating of "Buy" and a consensus price target of $56.06.

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.