Corient Private Wealth LLC Decreases Stake in Ovintiv Inc. (NYSE:OVV)

Corient Private Wealth LLC lowered its position in shares of Ovintiv Inc. (NYSE:OVV) by 12.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,444 shares of the company’s stock after selling 8,172 shares during the quarter. Corient Private Wealth LLC’s holdings in Ovintiv were worth $2,326,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Ninepoint Partners LP lifted its holdings in Ovintiv by 16.9% during the fourth quarter. Ninepoint Partners LP now owns 225,000 shares of the company’s stock worth $9,112,000 after acquiring an additional 32,500 shares during the period. Franklin Resources Inc. raised its stake in shares of Ovintiv by 16.0% during the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock worth $11,527,000 after purchasing an additional 37,341 shares during the period. Retirement Systems of Alabama boosted its holdings in shares of Ovintiv by 4.4% in the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock worth $12,288,000 after buying an additional 13,536 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Ovintiv by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company’s stock valued at $77,508,000 after buying an additional 45,147 shares during the period. Finally, Merit Financial Group LLC purchased a new stake in Ovintiv during the fourth quarter worth about $333,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of research reports. Barclays increased their target price on shares of Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $55.00 to $54.00 in a report on Monday, January 13th. Wells Fargo & Company boosted their target price on Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday. Truist Financial increased their price target on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Finally, Mizuho lowered their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $56.78.

Ovintiv Stock Down 1.4 %

Shares of NYSE OVV opened at $41.52 on Monday. The business has a 50-day moving average of $42.80 and a 200-day moving average of $41.80. The firm has a market capitalization of $10.81 billion, a price-to-earnings ratio of 5.51 and a beta of 2.55. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 12 month low of $36.62 and a 12 month high of $55.95.

Ovintiv Announces Dividend

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