Summit Global Investments Boosts Holdings in Ovintiv Inc. (NYSE:OVV)

Summit Global Investments lifted its holdings in Ovintiv Inc. (NYSE:OVV) by 13.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 19,627 shares of the company’s stock after acquiring an additional 2,268 shares during the quarter. Summit Global Investments’ holdings in Ovintiv were worth $752,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. AQR Capital Management LLC lifted its stake in Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after purchasing an additional 1,618,556 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Ovintiv by 7,422.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock valued at $52,064,000 after acquiring an additional 1,340,947 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after acquiring an additional 1,024,931 shares during the period. SIR Capital Management L.P. bought a new position in Ovintiv during the 2nd quarter worth approximately $22,732,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Ovintiv by 338.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 445,187 shares of the company’s stock worth $20,866,000 after purchasing an additional 343,709 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on OVV shares. Truist Financial dropped their price objective on Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Royal Bank of Canada lowered their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research note on Thursday, August 1st. JPMorgan Chase & Co. cut their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Wolfe Research initiated coverage on Ovintiv in a report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price target on the stock. Finally, Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $57.00.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $43.17 on Friday. The business has a fifty day simple moving average of $40.52 and a two-hundred day simple moving average of $44.85. The firm has a market capitalization of $11.38 billion, a P/E ratio of 6.09, a P/E/G ratio of 7.99 and a beta of 2.62. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month high of $55.95.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.78%. The ex-dividend date is Friday, December 13th. Ovintiv’s payout ratio is currently 16.93%.

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.