Wells Fargo & Company MN Grows Stock Position in Ovintiv Inc. (NYSE:OVV)

Wells Fargo & Company MN grew its position in shares of Ovintiv Inc. (NYSE:OVV) by 3.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 88,986 shares of the company’s stock after purchasing an additional 2,639 shares during the period. Wells Fargo & Company MN’s holdings in Ovintiv were worth $3,604,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Ninepoint Partners LP increased its holdings in Ovintiv by 16.9% during the 4th quarter. Ninepoint Partners LP now owns 225,000 shares of the company’s stock worth $9,112,000 after purchasing an additional 32,500 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Ovintiv by 16.0% during the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock worth $11,527,000 after buying an additional 37,341 shares in the last quarter. Westpac Banking Corp increased its stake in shares of Ovintiv by 64.8% in the fourth quarter. Westpac Banking Corp now owns 31,369 shares of the company’s stock worth $1,270,000 after buying an additional 12,340 shares during the last quarter. Retirement Systems of Alabama raised its holdings in Ovintiv by 4.4% in the third quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock valued at $12,288,000 after acquiring an additional 13,536 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake 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 valued at $77,508,000 after acquiring an additional 45,147 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Trading Up 2.7 %

Shares of NYSE:OVV opened at $33.54 on Wednesday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The company’s 50-day moving average price is $39.22 and its 200 day moving average price is $41.25. The company has a market cap of $8.73 billion, a PE ratio of 4.45 and a beta of 2.04. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $53.57.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.58%. Ovintiv’s dividend payout ratio (DPR) is presently 28.57%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on OVV shares. JPMorgan Chase & Co. dropped their target price on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. National Bankshares boosted their price objective on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Barclays increased their target price on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Truist Financial boosted their price target on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Finally, Morgan Stanley restated an “overweight” rating and set a $50.00 price objective on shares of Ovintiv in a research note on Tuesday, April 15th. 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, Ovintiv has a consensus rating of “Buy” and a consensus target price of $56.12.

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.