US Bancorp DE Raises Stake in Ovintiv Inc. (NYSE:OVV)

US Bancorp DE increased its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 13.9% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,890 shares of the company’s stock after purchasing an additional 1,209 shares during the quarter. US Bancorp DE’s holdings in Ovintiv were worth $379,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Ovintiv in the 1st quarter valued at $1,273,000. Janney Montgomery Scott LLC lifted its stake in shares of Ovintiv by 17.9% during the first quarter. Janney Montgomery Scott LLC now owns 25,770 shares of the company’s stock worth $1,337,000 after purchasing an additional 3,911 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Ovintiv during the first quarter worth about $214,000. Oppenheimer Asset Management Inc. boosted its position in shares of Ovintiv by 23.7% in the first quarter. Oppenheimer Asset Management Inc. now owns 17,063 shares of the company’s stock worth $886,000 after buying an additional 3,267 shares during the period. Finally, Meeder Advisory Services Inc. acquired a new stake in shares of Ovintiv in the first quarter valued at about $228,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on OVV shares. UBS Group reduced their price target on Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Citigroup decreased their target price on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Morgan Stanley decreased their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Finally, Truist Financial dropped their target price on Ovintiv from $62.00 to $47.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Ovintiv Stock Performance

Shares of OVV opened at $41.95 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95. The business’s fifty day moving average price is $40.52 and its 200 day moving average price is $44.66. The stock has a market capitalization of $11.06 billion, a PE ratio of 5.66, a price-to-earnings-growth ratio of 8.22 and a beta of 2.62.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is 15.92%.

About Ovintiv

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.