Ovintiv Inc. (NYSE:OVV) Shares Sold by Summit Global Investments

Summit Global Investments trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 30.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,718 shares of the company’s stock after selling 5,909 shares during the period. Summit Global Investments’ holdings in Ovintiv were worth $556,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Pathstone Holdings LLC boosted its holdings in Ovintiv by 82.2% in the third quarter. Pathstone Holdings LLC now owns 41,645 shares of the company’s stock valued at $1,595,000 after purchasing an additional 18,783 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Ovintiv in the 3rd quarter valued at about $215,000. Advisors Asset Management Inc. boosted its stake in shares of Ovintiv by 88.3% in the third quarter. Advisors Asset Management Inc. now owns 11,337 shares of the company’s stock worth $434,000 after buying an additional 5,315 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Ovintiv by 7.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company’s stock worth $71,587,000 after buying an additional 133,192 shares during the last quarter. Finally, Citigroup Inc. grew its holdings in Ovintiv by 3.5% during the third quarter. Citigroup Inc. now owns 450,565 shares of the company’s stock worth $17,261,000 after acquiring an additional 15,066 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OVV. Truist Financial boosted their price target on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Mizuho decreased their target price 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. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and dropped their price target for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, Wells Fargo & Company increased their target price on shares of Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 20th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $56.79.

Ovintiv Trading Up 3.8 %

Shares of OVV stock opened at $43.05 on Tuesday. Ovintiv Inc. has a fifty-two week low of $36.62 and a fifty-two week high of $55.95. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock’s fifty day moving average is $42.77 and its two-hundred day moving average is $41.82. The firm has a market capitalization of $11.21 billion, a P/E ratio of 5.71 and a beta of 2.55.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.79%. Ovintiv’s 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.