Envestnet Portfolio Solutions Inc. Invests $215,000 in Ovintiv Inc. (NYSE:OVV)

Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 5,300 shares of the company’s stock, valued at approximately $215,000.

Other hedge funds also recently added to or reduced their stakes in the company. True Wealth Design LLC boosted its position in shares of Ovintiv by 3,180.0% during the third 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. MassMutual Private Wealth & Trust FSB boosted its holdings in Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after acquiring an additional 360 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after acquiring an additional 335 shares during the period. Cullen Frost Bankers Inc. increased its stake in Ovintiv by 3,571.4% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company’s stock worth $42,000 after purchasing an additional 1,000 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Ovintiv by 451.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company’s stock worth $46,000 after purchasing an additional 940 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Trading Down 2.5 %

NYSE OVV opened at $42.24 on Friday. The firm has a market cap of $11.00 billion, a PE ratio of 5.60 and a beta of 2.55. Ovintiv Inc. has a 52 week low of $36.62 and a 52 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. The company has a 50 day moving average price of $42.59 and a 200 day moving average price of $41.88.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.84%. Ovintiv’s dividend payout ratio is presently 28.57%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Barclays upped their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Truist Financial lifted their price target on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Mizuho dropped 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. Finally, Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and decreased their target price for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $57.17.

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.