Ovintiv Inc. (NYSE:OVV) Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its position in Ovintiv Inc. (NYSE:OVV) by 3.7% in the 3rd quarter, Holdings Channel reports. The firm owned 7,937 shares of the company’s stock after acquiring an additional 280 shares during the quarter. CIBC Asset Management Inc’s holdings in Ovintiv were worth $304,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in shares of Ovintiv in the 2nd quarter worth $39,000. UMB Bank n.a. increased its position in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Ovintiv during the second quarter worth about $69,000. Covestor Ltd boosted its holdings in Ovintiv by 43.9% in the 3rd 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 last quarter. Finally, Blue Trust Inc. grew its stake in shares of Ovintiv by 24.0% in the 2nd quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock valued at $93,000 after buying an additional 347 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on OVV. Wells Fargo & Company lowered their price objective on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 1st. Evercore ISI lowered their price target on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Royal Bank of Canada reduced their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and a consensus price target of $56.71.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $46.59 on Friday. Ovintiv Inc. has a one year low of $36.90 and a one year high of $55.95. The stock has a market cap of $12.13 billion, a PE ratio of 6.18 and a beta of 2.62. The business’s fifty day moving average price is $41.22 and its two-hundred day moving average price is $44.34. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.58%. The ex-dividend date is Friday, December 13th. Ovintiv’s payout ratio is 15.92%.

Ovintiv 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.