Proficio Capital Partners LLC Buys New Position in Ovintiv Inc. (NYSE:OVV)

Proficio Capital Partners LLC bought a new stake in Ovintiv Inc. (NYSE:OVV) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 18,962 shares of the company’s stock, valued at approximately $768,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Hotchkis & Wiley Capital Management LLC grew its stake in Ovintiv by 17.2% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after purchasing an additional 1,207,610 shares in the last quarter. Pacer Advisors Inc. grew its stake in Ovintiv by 11,282.4% in the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after purchasing an additional 6,486,159 shares in the last quarter. Smead Capital Management Inc. grew its stake in Ovintiv by 3.5% in the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock valued at $241,476,000 after purchasing an additional 212,535 shares in the last quarter. Geode Capital Management LLC grew its stake in Ovintiv by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after purchasing an additional 205,409 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Ovintiv by 0.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company’s stock valued at $118,530,000 after purchasing an additional 8,168 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of analyst reports. Wells Fargo & Company decreased their price target on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 17th. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and decreased their price target for the company from $55.00 to $54.00 in a research note on Monday, January 13th. UBS Group reduced their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, December 9th. Citigroup reduced their target price on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Finally, Truist Financial lifted their target price on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $56.88.

Ovintiv Stock Performance

NYSE:OVV opened at $38.55 on Friday. The stock has a market cap of $10.03 billion, a P/E ratio of 5.11 and a beta of 2.55. The stock has a 50 day simple moving average of $43.04 and a 200 day simple moving average of $41.98. 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 $36.62 and a 1-year high of $55.95.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 3.11%. Ovintiv’s dividend payout ratio is presently 28.57%.

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.