Wedbush Securities Inc. grew its position in shares of Ovintiv Inc. (NYSE:OVV – Get Rating) by 15.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,663 shares of the company’s stock after acquiring an additional 737 shares during the quarter. Wedbush Securities Inc.’s holdings in Ovintiv were worth $287,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the business. Raymond James & Associates increased its position in shares of Ovintiv by 35.3% in the first quarter. Raymond James & Associates now owns 57,458 shares of the company’s stock valued at $3,107,000 after acquiring an additional 14,978 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in shares of Ovintiv during the 1st quarter worth approximately $525,000. HighTower Advisors LLC acquired a new position in shares of Ovintiv during the 1st quarter worth approximately $715,000. Cetera Advisor Networks LLC bought a new position in shares of Ovintiv in the first quarter valued at about $224,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Ovintiv by 45.7% in the first quarter. PNC Financial Services Group Inc. now owns 15,605 shares of the company’s stock valued at $843,000 after purchasing an additional 4,895 shares during the period. 76.76% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on OVV shares. TD Cowen reduced their price objective on Ovintiv from $79.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, April 5th. JPMorgan Chase & Co. downgraded shares of Ovintiv from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $59.00 to $53.00 in a report on Tuesday, March 14th. National Bankshares lowered their target price on shares of Ovintiv from $66.00 to $61.00 and set an “outperform” rating on the stock in a report on Tuesday, April 4th. Barclays cut their price target on Ovintiv from $60.00 to $56.00 and set an “overweight” rating for the company in a research note on Monday, January 23rd. Finally, BMO Capital Markets cut shares of Ovintiv from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $56.00 to $51.00 in a research report on Tuesday, March 7th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $61.60.
Ovintiv Price Performance
Ovintiv Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This is an increase from Ovintiv’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 3.15%. Ovintiv’s payout ratio is presently 7.04%.
Insider Activity
In related news, Director Howard John Mayson sold 3,000 shares of Ovintiv stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $45.62, for a total value of $136,860.00. Following the transaction, the director now directly owns 21,403 shares of the company’s stock, valued at $976,404.86. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.91% of the company’s stock.
Ovintiv Profile
Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.
Read More
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