Alyeska Investment Group L.P. Acquires 1,818,337 Shares of Ovintiv Inc. (NYSE:OVV)

Alyeska Investment Group L.P. boosted its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 243.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,564,698 shares of the company's stock after acquiring an additional 1,818,337 shares during the quarter. Alyeska Investment Group L.P. owned 0.99% of Ovintiv worth $103,870,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB lifted its position in shares of Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after buying an additional 360 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Ovintiv by 71.3% during the 4th 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. Optiver Holding B.V. acquired a new position in Ovintiv during the 4th quarter worth approximately $40,000. Mizuho Bank Ltd. acquired a new stake in Ovintiv in the fourth quarter valued at approximately $40,000. Finally, Cullen Frost Bankers Inc. boosted its position in Ovintiv by 3,571.4% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock valued at $42,000 after buying an additional 1,000 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Barclays dropped their price target on Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Truist Financial lifted their price target on Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, January 13th. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $55.00 to $57.00 in a research note on Monday, March 24th. JPMorgan Chase & Co. cut their target price on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Scotiabank upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. Two 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $55.76.

Ovintiv Stock Down 3.1 %

NYSE OVV traded down $1.08 during trading hours on Monday, hitting $34.41. The company's stock had a trading volume of 2,563,872 shares, compared to its average volume of 3,198,651. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company's 50-day simple moving average is $37.53 and its two-hundred day simple moving average is $40.77. The company has a market capitalization of $8.96 billion, a PE ratio of 4.56 and a beta of 1.14. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $52.90.

Ovintiv Announces Dividend

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