Ovintiv Inc. (NYSE:OVV) Shares Bought by Pacific Heights Asset Management LLC

Pacific Heights Asset Management LLC increased its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 697.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,515,000 shares of the company’s stock after acquiring an additional 1,325,000 shares during the period. Ovintiv comprises about 4.0% of Pacific Heights Asset Management LLC’s investment portfolio, making the stock its 6th biggest position. Pacific Heights Asset Management LLC owned 0.58% of Ovintiv worth $61,358,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC grew its position in Ovintiv by 26.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,256 shares of the company’s stock valued at $508,000 after acquiring an additional 2,786 shares during the period. US Bancorp DE grew its holdings in shares of Ovintiv by 13.9% in the 3rd quarter. US Bancorp DE now owns 9,890 shares of the company’s stock worth $379,000 after purchasing an additional 1,209 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Ovintiv by 7.3% during the 3rd quarter. Janney Montgomery Scott LLC now owns 29,959 shares of the company’s stock worth $1,148,000 after purchasing an additional 2,051 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in Ovintiv by 13.7% during the 3rd quarter. Asset Management One Co. Ltd. now owns 98,804 shares of the company’s stock valued at $3,785,000 after purchasing an additional 11,939 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its position in Ovintiv by 28.7% in the third quarter. QRG Capital Management Inc. now owns 42,892 shares of the company’s stock valued at $1,643,000 after buying an additional 9,567 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

NYSE OVV opened at $38.01 on Friday. The business has a 50 day simple moving average of $43.04 and a 200 day simple moving average of $42.02. 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. The stock has a market cap of $9.89 billion, a price-to-earnings ratio of 5.04 and a beta of 2.55.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s dividend payout ratio (DPR) is presently 28.57%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on OVV shares. National Bankshares raised their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Mizuho dropped their price target on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Truist Financial boosted their price objective on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Scotiabank raised their target price on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday, November 18th. Finally, Citigroup reduced their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.88.

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.