Webs Creek Capital Management LP Acquires New Position in Ovintiv Inc. (NYSE:OVV)

Webs Creek Capital Management LP purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,335,460 shares of the company's stock, valued at approximately $54,086,000. Ovintiv comprises 13.0% of Webs Creek Capital Management LP's portfolio, making the stock its largest position. Webs Creek Capital Management LP owned approximately 0.51% of Ovintiv as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB increased its position in shares of Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock valued at $29,000 after acquiring an additional 360 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after acquiring an additional 335 shares during the last quarter. Mizuho Bank Ltd. acquired a new position in shares of Ovintiv in the fourth quarter valued at approximately $40,000. Cullen Frost Bankers Inc. grew its holdings in shares of 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 purchasing an additional 1,000 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Ovintiv by 451.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company's stock valued at $46,000 after purchasing an additional 940 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Performance

Shares of NYSE OVV traded down $0.47 during midday trading on Tuesday, reaching $34.54. 794,490 shares of the company were exchanged, compared to its average volume of 3,175,094. 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 1 year low of $29.80 and a 1 year high of $53.57. The stock has a fifty day simple moving average of $38.41 and a 200 day simple moving average of $41.01. The stock has a market cap of $8.99 billion, a P/E ratio of 4.58 and a beta of 2.04.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 3.47%. Ovintiv's payout ratio is currently 28.57%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on OVV shares. National Bankshares lifted their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Williams Trading set a $58.00 price target on shares of Ovintiv in a report on Wednesday, March 5th. Morgan Stanley reiterated an "overweight" rating and set a $50.00 price target on shares of Ovintiv in a report on Tuesday, April 15th. Wells Fargo & Company boosted their price objective on shares of Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 22nd. Finally, BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target 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.