Prudential Financial Inc. Acquires 23,904 Shares of Ovintiv Inc. (NYSE:OVV)

Prudential Financial Inc. boosted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 13.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 195,814 shares of the company’s stock after purchasing an additional 23,904 shares during the quarter. Prudential Financial Inc. owned about 0.08% of Ovintiv worth $7,930,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Ovintiv by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock worth $1,193,272,000 after acquiring an additional 451,947 shares during the last quarter. Napatree Capital LLC increased its position in Ovintiv by 25.3% during the 4th quarter. Napatree Capital LLC now owns 10,046 shares of the company’s stock worth $407,000 after buying an additional 2,026 shares during the period. LPL Financial LLC boosted its position in shares of Ovintiv by 17.8% in the fourth quarter. LPL Financial LLC now owns 89,492 shares of the company’s stock valued at $3,624,000 after acquiring an additional 13,554 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Ovintiv in the fourth quarter valued at about $4,281,000. Finally, Hillsdale Investment Management Inc. raised its stake in Ovintiv by 1,577.0% in the 4th quarter. Hillsdale Investment Management Inc. now owns 298,500 shares of the company’s stock worth $12,079,000 after purchasing an additional 280,700 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on OVV shares. Mizuho cut their price target on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Barclays boosted 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. JPMorgan Chase & Co. cut their target price on Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. UBS Group reduced their price objective on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Finally, Wells Fargo & Company upped their price objective on shares of Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 20th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $57.17.

Ovintiv Stock Performance

Shares of OVV opened at $42.24 on Friday. The stock’s fifty day moving average price is $42.59 and its two-hundred day moving average price is $41.90. Ovintiv Inc. has a 1 year low of $36.62 and a 1 year high of $55.95. The firm has a market cap of $11.00 billion, a PE ratio of 5.60 and a beta of 2.55. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv Announces Dividend

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

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.