Fisher Asset Management LLC cut its position in Ovintiv Inc. (NYSE:OVV – Get Rating) by 73.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 348,671 shares of the company’s stock after selling 943,399 shares during the period. Fisher Asset Management LLC owned 0.14% of Ovintiv worth $17,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently made changes to their positions in OVV. Raymond James & Associates boosted its stake in shares of Ovintiv by 35.3% in the first quarter. Raymond James & Associates now owns 57,458 shares of the company’s stock worth $3,107,000 after acquiring an additional 14,978 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Ovintiv in the first quarter worth approximately $525,000. HighTower Advisors LLC acquired a new stake in shares of Ovintiv in the first quarter worth approximately $715,000. Cetera Advisor Networks LLC acquired a new stake in shares of Ovintiv in the first quarter worth approximately $224,000. Finally, PNC Financial Services Group Inc. boosted its stake 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 worth $843,000 after acquiring an additional 4,895 shares during the last quarter. 76.76% of the stock is owned by institutional investors and hedge funds.
Ovintiv Stock Performance
Shares of OVV stock opened at $37.84 on Tuesday. The company has a market cap of $9.20 billion, a price-to-earnings ratio of 2.66, a price-to-earnings-growth ratio of 0.14 and a beta of 2.78. The stock has a 50 day simple moving average of $39.69 and a 200-day simple moving average of $47.06. Ovintiv Inc. has a 12-month low of $32.26 and a 12-month high of $63.30. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.41.
Ovintiv Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be paid a $0.30 dividend. This is an increase from Ovintiv’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend is Wednesday, June 14th. Ovintiv’s dividend payout ratio (DPR) is presently 7.04%.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on the company. Truist Financial boosted their price objective on Ovintiv from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, April 11th. Wells Fargo & Company lowered Ovintiv from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $64.00 to $40.00 in a research note on Monday, April 17th. Barclays lowered their price objective on Ovintiv from $60.00 to $56.00 and set an “overweight” rating on the stock in a research note on Monday, January 23rd. JPMorgan Chase & Co. lowered Ovintiv from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $59.00 to $53.00 in a research note on Tuesday, March 14th. Finally, Morgan Stanley lowered their price objective on Ovintiv from $51.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Monday, March 27th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and an average price target of $61.14.
Insider Activity at Ovintiv
In related news, Director Howard John Mayson sold 3,000 shares of the firm’s 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 completion of the transaction, the director now directly owns 21,403 shares of the company’s stock, valued at approximately $976,404.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.91% of the stock is currently owned by company insiders.
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.
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