Systematic Financial Management LP Purchases 67,851 Shares of Ovintiv Inc. (NYSE:OVV)

Systematic Financial Management LP increased its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 11.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 658,890 shares of the company's stock after buying an additional 67,851 shares during the period. Systematic Financial Management LP owned 0.25% of Ovintiv worth $26,685,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sagefield Capital LP increased its stake in shares of Ovintiv by 8.0% in the fourth quarter. Sagefield Capital LP now owns 552,880 shares of the company's stock valued at $22,392,000 after buying an additional 40,774 shares during the period. Siemens Fonds Invest GmbH bought a new stake in shares of Ovintiv during the 4th quarter worth $1,348,000. SIR Capital Management L.P. bought a new stake in shares of Ovintiv during the 4th quarter worth $18,580,000. Royal Bank of Canada raised its stake in Ovintiv by 151.5% in the 4th quarter. Royal Bank of Canada now owns 1,310,993 shares of the company's stock valued at $53,095,000 after acquiring an additional 789,640 shares during the period. Finally, Rafferty Asset Management LLC increased its position in shares of Ovintiv by 1.2% during the fourth quarter. Rafferty Asset Management LLC now owns 158,943 shares of the company's stock valued at $6,437,000 after buying an additional 1,950 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on OVV shares. Scotiabank raised Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Morgan Stanley reiterated an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a research note on Tuesday, April 15th. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $55.00 to $57.00 in a report on Monday, March 24th. JPMorgan Chase & Co. cut their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Mizuho dropped their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Tuesday. Two equities research 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 stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $55.65.

Ovintiv Stock Performance

Shares of OVV stock opened at $37.33 on Friday. Ovintiv Inc. has a one year low of $29.80 and a one year high of $51.72. The company's 50-day moving average is $37.02 and its 200 day moving average is $40.57. The company has a market capitalization of $9.70 billion, a price-to-earnings ratio of 4.95 and a beta of 1.14. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. The company had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. Sell-side analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors 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 dividend yield of 3.21%. Ovintiv's payout ratio is currently 51.06%.

Ovintiv 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.

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