Everence Capital Management Inc. Buys New Stake in Ovintiv Inc. (NYSE:OVV)

Everence Capital Management Inc. purchased a new stake in Ovintiv Inc. (NYSE:OVV) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 11,090 shares of the company’s stock, valued at approximately $449,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. True Wealth Design LLC raised its holdings in shares of Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after buying an additional 636 shares during the period. UMB Bank n.a. grew its position in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after acquiring an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. acquired a new position in shares of Ovintiv during the third quarter worth $65,000. Covestor Ltd boosted its stake in shares of Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after purchasing an additional 560 shares during the period. Finally, Abich Financial Wealth Management LLC acquired a new stake in Ovintiv during the 3rd quarter valued at $122,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Price Performance

Shares of OVV opened at $41.79 on Monday. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month high of $55.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a fifty day moving average price of $41.70 and a 200 day moving average price of $42.66. The company has a market cap of $10.88 billion, a P/E ratio of 5.54 and a beta of 2.63.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were issued a $0.30 dividend. The ex-dividend date was Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.87%. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wells Fargo & Company cut their price objective on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 17th. Citigroup lowered their price objective on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Barclays upped their target price on Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Truist Financial raised their price target on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Mizuho cut their price target on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Five 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 company’s stock. Based on data from MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and an average target price of $56.59.

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.