Symmetry Partners LLC Purchases New Shares in Ovintiv Inc. (NYSE:OVV)

Posted by Defense World Staff on Mar 19th, 2023

Symmetry Partners LLC purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV – Get Rating) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,028 shares of the company’s stock, valued at approximately $204,000.

A number of other hedge funds also recently bought and sold shares of OVV. Raymond James & Associates raised its stake in Ovintiv by 35.3% during the first quarter. Raymond James & Associates now owns 57,458 shares of the company’s stock valued at $3,107,000 after purchasing an additional 14,978 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in Ovintiv during the first quarter valued at $525,000. HighTower Advisors LLC purchased a new stake in shares of Ovintiv in the first quarter valued at $715,000. Cetera Advisor Networks LLC purchased a new stake in shares of Ovintiv in the first quarter valued at $224,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of Ovintiv by 45.7% in the first quarter. PNC Financial Services Group Inc. now owns 15,605 shares of the company’s stock valued at $843,000 after acquiring an additional 4,895 shares during the period. Hedge funds and other institutional investors own 76.76% of the company’s stock.

Insiders Place Their Bets

In other Ovintiv news, Director Howard John Mayson sold 3,000 shares of the stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $45.62, for a total transaction of $136,860.00. Following the transaction, the director now directly owns 21,403 shares in the company, valued at approximately $976,404.86. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on OVV shares. Siebert Williams Shank started coverage on shares of Ovintiv in a research note on Friday, December 9th. They issued a “buy” rating and a $75.00 target price on the stock. Citigroup reduced their target price on shares of Ovintiv from $66.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, February 13th. BMO Capital Markets downgraded shares of Ovintiv from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $56.00 to $51.00 in a research note on Tuesday, March 7th. Barclays reduced their target price on shares of Ovintiv from $60.00 to $56.00 and set an “overweight” rating on the stock in a research note on Monday, January 23rd. Finally, JPMorgan Chase & Co. downgraded shares of Ovintiv from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $59.00 to $53.00 in a research note on Tuesday, March 14th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $68.16.

Ovintiv Stock Down 2.9 %

Shares of Ovintiv stock opened at $34.08 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.61 and a quick ratio of 0.61. Ovintiv Inc. has a 1 year low of $32.26 and a 1 year high of $63.30. The firm’s 50-day moving average is $45.81 and its two-hundred day moving average is $49.36. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of 2.40, a PEG ratio of 0.19 and a beta of 2.79.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.93%. The ex-dividend date is Tuesday, March 14th. Ovintiv’s payout ratio is 7.04%.

Ovintiv Profile

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Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.