The Manufacturers Life Insurance Company Has $8.94 Million Position in Ovintiv Inc. (NYSE:OVV)

The Manufacturers Life Insurance Company raised its stake in Ovintiv Inc. (NYSE:OVV) by 1.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 233,428 shares of the company’s stock after buying an additional 2,889 shares during the period. The Manufacturers Life Insurance Company owned about 0.09% of Ovintiv worth $8,943,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in Ovintiv in the second quarter valued at approximately $39,000. UMB Bank n.a. boosted its stake in shares of Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Ovintiv during the second quarter worth $69,000. Blue Trust Inc. increased its position in shares of Ovintiv by 24.0% during the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock worth $93,000 after buying an additional 347 shares during the period. Finally, Covestor Ltd raised its stake in Ovintiv by 43.9% during the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after buying an additional 560 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of NYSE OVV opened at $44.36 on Wednesday. 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 firm’s 50-day simple moving average is $42.07 and its 200 day simple moving average is $43.96. The stock has a market cap of $11.55 billion, a price-to-earnings ratio of 5.88 and a beta of 2.63. Ovintiv Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $55.95.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Friday, December 13th. Ovintiv’s payout ratio is currently 15.92%.

Analyst Upgrades and Downgrades

A number of analysts have commented on OVV shares. Mizuho cut their price target on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Wells Fargo & Company cut their target price on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 1st. JPMorgan Chase & Co. lowered their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Evercore ISI dropped their price target on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Finally, Morgan Stanley reduced their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $56.65.

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.