HighTower Advisors LLC Acquires 719 Shares of Ovintiv Inc. (NYSE:OVV)

HighTower Advisors LLC raised its stake in shares of Ovintiv Inc. (NYSE:OVV) by 4.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,175 shares of the company’s stock after buying an additional 719 shares during the quarter. HighTower Advisors LLC’s holdings in Ovintiv were worth $655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its position in shares of Ovintiv by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company’s stock worth $71,587,000 after acquiring an additional 133,192 shares during the last quarter. Cerity Partners LLC grew its position in shares of Ovintiv by 41.3% during the third quarter. Cerity Partners LLC now owns 69,869 shares of the company’s stock valued at $2,677,000 after purchasing an additional 20,412 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Ovintiv by 9.2% in the third quarter. Daiwa Securities Group Inc. now owns 20,200 shares of the company’s stock worth $774,000 after purchasing an additional 1,700 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Ovintiv by 57.8% in the third quarter. Bank of Montreal Can now owns 328,361 shares of the company’s stock worth $12,599,000 after buying an additional 120,235 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Ovintiv by 1.3% during the third quarter. The Manufacturers Life Insurance Company now owns 233,428 shares of the company’s stock valued at $8,943,000 after buying an additional 2,889 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on OVV. BMO Capital Markets raised Ovintiv from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Wells Fargo & Company upped their price target on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, March 20th. Williams Trading set a $58.00 price objective on shares of Ovintiv in a research note on Wednesday, March 5th. Truist Financial upped their target price on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $57.00 price target on shares of Ovintiv in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Ovintiv presently has a consensus rating of “Buy” and an average price target of $57.17.

Ovintiv Price Performance

Shares of OVV stock opened at $42.24 on Friday. The stock has a 50 day moving average price of $42.59 and a 200 day moving average price of $41.88. The firm has a market capitalization of $11.00 billion, a P/E ratio of 5.60 and a beta of 2.55. 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 52-week low of $36.62 and a 52-week high of $55.95.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Friday, March 14th. Ovintiv’s dividend payout ratio is currently 28.57%.

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.