Adage Capital Partners GP L.L.C. Has $30.13 Million Stake in Ovintiv Inc. (NYSE:OVV)

Adage Capital Partners GP L.L.C. lifted its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 58.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 744,004 shares of the company's stock after acquiring an additional 275,000 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.29% of Ovintiv worth $30,132,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Ninepoint Partners LP boosted its holdings in shares of Ovintiv by 16.9% in the 4th 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 in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Ovintiv by 16.0% in the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company's stock worth $11,527,000 after acquiring an additional 37,341 shares during the last quarter. Westpac Banking Corp lifted its holdings in shares of Ovintiv by 64.8% in the fourth quarter. Westpac Banking Corp now owns 31,369 shares of the company's stock worth $1,270,000 after acquiring an additional 12,340 shares during the last quarter. Retirement Systems of Alabama boosted its stake in shares of Ovintiv by 4.4% in the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company's stock valued at $12,288,000 after purchasing an additional 13,536 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Ovintiv by 19.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock valued at $8,768,000 after purchasing an additional 34,207 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Down 3.8 %

Ovintiv stock traded down $1.30 during midday trading on Wednesday, reaching $33.26. The stock had a trading volume of 1,818,821 shares, compared to its average volume of 3,183,906. The company has a fifty day moving average price of $38.19 and a two-hundred day moving average price of $40.96. The company has a market capitalization of $8.66 billion, a P/E ratio of 4.41 and a beta of 2.04. 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 12 month low of $29.80 and a 12 month high of $53.16.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.61%. The ex-dividend date was Friday, March 14th. Ovintiv's payout ratio is currently 28.57%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Bank of America upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and cut their target price for the company from $55.00 to $54.00 in a research report on Monday, January 13th. JPMorgan Chase & Co. lowered their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Morgan Stanley reissued an "overweight" rating and set a $50.00 price target on shares of Ovintiv in a research note on Tuesday, April 15th. Wells Fargo & Company upped their price objective on Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 22nd. Finally, Barclays cut their target price on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Two 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $55.76.

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.