iA Global Asset Management Inc. Takes $412,000 Position in Ovintiv Inc. (NYSE:OVV)

iA Global Asset Management Inc. purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 10,185 shares of the company’s stock, valued at approximately $412,000.

Other institutional investors and hedge funds have also modified their holdings of the company. True Wealth Design LLC grew its holdings 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 in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after purchasing an additional 360 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after purchasing an additional 335 shares in the last quarter. Cullen Frost Bankers Inc. grew 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 valued at $42,000 after purchasing an additional 1,000 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Ovintiv by 451.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company’s stock valued at $46,000 after purchasing an additional 940 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

NYSE OVV opened at $41.52 on Friday. Ovintiv Inc. has a twelve month low of $36.62 and a twelve month high of $55.95. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market capitalization of $10.81 billion, a PE ratio of 5.51 and a beta of 2.55. The stock has a 50-day simple moving average of $42.80 and a 200 day simple moving average of $41.80.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued 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 (DPR) is 28.57%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and lowered their target price for the company from $55.00 to $54.00 in a research note 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. National Bankshares boosted their target price on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Barclays boosted their price target on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Finally, Williams Trading set a $58.00 price target on Ovintiv in a research report on Wednesday, March 5th. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $56.78.

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.