Ovintiv Inc. (NYSE:OVV) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its position in shares of Ovintiv Inc. (NYSE:OVV) by 0.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,172,375 shares of the company’s stock after acquiring an additional 5,832 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.45% of Ovintiv worth $44,914,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of OVV. True Wealth Design LLC boosted its holdings in Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after purchasing an additional 636 shares during the last quarter. UMB Bank n.a. raised its position in shares of Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after buying an additional 286 shares during the period. Transamerica Financial Advisors Inc. purchased a new stake in shares of Ovintiv during the 3rd quarter valued at approximately $65,000. Covestor Ltd lifted its holdings in Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after acquiring an additional 560 shares during the last quarter. Finally, Abich Financial Wealth Management LLC purchased a new position in Ovintiv in the third quarter worth approximately $122,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on OVV shares. Morgan Stanley decreased their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Truist Financial increased their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Scotiabank boosted their price target on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday, November 18th. Wells Fargo & Company lowered their price objective on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 17th. Finally, Evercore ISI cut their target price on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $56.59.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $41.79 on Monday. The business has a 50-day simple moving average of $41.70 and a 200-day simple moving average of $42.66. 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 Inc. has a one year low of $36.90 and a one year high of $55.95. The company has a market cap of $10.88 billion, a PE ratio of 5.54 and a beta of 2.63.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date was Friday, December 13th. Ovintiv’s dividend payout ratio is presently 15.92%.

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.