Cibc World Markets Corp Cuts Stock Position in Ovintiv Inc. (NYSE:OVV)

Cibc World Markets Corp lessened its holdings in Ovintiv Inc. (NYSE:OVV) by 23.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,929 shares of the company’s stock after selling 3,628 shares during the period. Cibc World Markets Corp’s holdings in Ovintiv were worth $483,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its holdings in Ovintiv by 0.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock valued at $2,647,000 after purchasing an additional 231 shares in the last quarter. Fifth Third Bancorp grew its holdings in Ovintiv by 13.4% during the 4th quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock valued at $97,000 after purchasing an additional 282 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Ovintiv by 1.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock valued at $830,000 after purchasing an additional 300 shares in the last quarter. Stifel Financial Corp grew its holdings in Ovintiv by 1.6% during the 3rd quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock worth $781,000 after acquiring an additional 322 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after acquiring an additional 335 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on OVV shares. Wells Fargo & Company raised their price objective on shares of Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday. Bank of America raised shares of Ovintiv from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $55.00 to $54.00 in a report on Monday, January 13th. Mizuho decreased their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Citigroup decreased their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Finally, Truist Financial raised their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.78.

Ovintiv Trading Down 1.4 %

Shares of NYSE:OVV opened at $41.52 on Monday. The company has a market cap of $10.81 billion, a PE ratio of 5.51 and a beta of 2.55. The company’s 50-day moving average price is $42.80 and its 200 day moving average price is $41.80. Ovintiv Inc. has a fifty-two week low of $36.62 and a fifty-two week high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 2.89%. Ovintiv’s dividend payout ratio is presently 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.