Sagefield Capital LP increased its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 8.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 552,880 shares of the company's stock after buying an additional 40,774 shares during the quarter. Ovintiv comprises approximately 2.5% of Sagefield Capital LP's investment portfolio, making the stock its 10th biggest position. Sagefield Capital LP owned about 0.21% of Ovintiv worth $22,392,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ninepoint Partners LP lifted its stake 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 acquiring an additional 32,500 shares during the last quarter. Westpac Banking Corp raised its position in Ovintiv by 64.8% during the 4th quarter. Westpac Banking Corp now owns 31,369 shares of the company's stock worth $1,270,000 after purchasing an additional 12,340 shares during the last quarter. BNP Paribas Financial Markets bought a new position in Ovintiv during the 4th quarter worth $25,272,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Ovintiv by 19.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock worth $8,768,000 after purchasing an additional 34,207 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Ovintiv by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock worth $77,508,000 after purchasing an additional 45,147 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several brokerages recently issued reports on OVV. Morgan Stanley reaffirmed an "overweight" rating and set a $50.00 target price on shares of Ovintiv in a research report on Tuesday, April 15th. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $55.00 to $57.00 in a report on Monday, March 24th. National Bankshares increased their price target on Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Barclays reduced their target price on Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Finally, Mizuho lowered their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $55.65.
Get Our Latest Stock Analysis on Ovintiv
Ovintiv Trading Down 0.5%
Ovintiv stock traded down $0.17 during mid-day trading on Tuesday, reaching $36.90. 2,857,527 shares of the company traded hands, compared to its average volume of 3,239,227. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The firm's 50 day moving average price is $36.97 and its 200 day moving average price is $40.58. The firm has a market capitalization of $9.59 billion, a price-to-earnings ratio of 4.89 and a beta of 1.14. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $51.72.
Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.20 by $0.22. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. On average, analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.
Ovintiv Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 annualized dividend and a yield of 3.25%. Ovintiv's dividend payout ratio (DPR) is presently 51.06%.
Ovintiv Company Profile
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Free Report)
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.
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