Proficio Capital Partners LLC Makes New Investment in Ovintiv Inc. (NYSE:OVV)

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

Other hedge funds and other institutional investors also recently made changes to their positions in the company. M&T Bank Corp increased its position in Ovintiv by 25.4% in the 4th quarter. M&T Bank Corp now owns 20,414 shares of the company’s stock valued at $827,000 after acquiring an additional 4,136 shares during the period. Victory Capital Management Inc. increased its holdings in Ovintiv by 18.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,390,498 shares of the company’s stock valued at $56,315,000 after purchasing an additional 216,101 shares during the period. Charles Schwab Investment Management Inc. raised its position 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 worth $77,508,000 after purchasing an additional 45,147 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in Ovintiv by 48.0% during the 4th quarter. Jones Financial Companies Lllp now owns 6,425 shares of the company’s stock worth $260,000 after buying an additional 2,084 shares during the period. Finally, SRS Capital Advisors Inc. grew its position in shares of Ovintiv by 4,132.3% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,312 shares of the company’s stock valued at $53,000 after buying an additional 1,281 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OVV has been the topic of several recent analyst reports. Barclays boosted their target price on shares of Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Citigroup lowered their target price on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Wells Fargo & Company boosted their price target on Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday. Mizuho lowered their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Finally, Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a research note on Wednesday. Four research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $56.78.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $41.52 on Friday. 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 stock has a market cap of $10.81 billion, a PE ratio of 5.51 and a beta of 2.55. The company’s fifty day moving average is $42.80 and its 200 day moving average is $41.80. 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 2.89%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s payout ratio is 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.