Hillsdale Investment Management Inc. Acquires 280,700 Shares of Ovintiv Inc. (NYSE:OVV)

Hillsdale Investment Management Inc. lifted its holdings in Ovintiv Inc. (NYSE:OVV) by 1,577.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 298,500 shares of the company’s stock after purchasing an additional 280,700 shares during the period. Ovintiv accounts for approximately 0.6% of Hillsdale Investment Management Inc.’s portfolio, making the stock its 28th biggest holding. Hillsdale Investment Management Inc.’s holdings in Ovintiv were worth $12,079,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Hotchkis & Wiley Capital Management LLC increased its stake in shares of Ovintiv by 17.2% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after purchasing an additional 1,207,610 shares during the period. Geode Capital Management LLC increased its stake in shares of Ovintiv by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock worth $173,296,000 after purchasing an additional 205,409 shares during the period. Bank of New York Mellon Corp increased its stake in shares of 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 worth $118,530,000 after purchasing an additional 8,168 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Ovintiv by 2.4% in the fourth 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 period. Finally, Pacific Heights Asset Management LLC increased its stake in shares of Ovintiv by 697.4% in the fourth quarter. Pacific Heights Asset Management LLC now owns 1,515,000 shares of the company’s stock worth $61,358,000 after purchasing an additional 1,325,000 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Truist Financial boosted their price target on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Citigroup lowered their price target on Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. UBS Group lowered their price target on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and lowered their price target for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Finally, 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. 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.78.

Ovintiv Stock Down 1.4 %

Shares of OVV opened at $41.52 on Friday. The company has a market capitalization of $10.81 billion, a P/E ratio of 5.51 and a beta of 2.55. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv Inc. has a one year low of $36.62 and a one year high of $55.95. The business’s 50 day simple moving average is $42.80 and its 200-day simple moving average is $41.79.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s payout ratio is currently 28.57%.

About Ovintiv

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.