Bank of Montreal Can Acquires 120,235 Shares of Ovintiv Inc. (NYSE:OVV)

Bank of Montreal Can raised its holdings in Ovintiv Inc. (NYSE:OVV) by 57.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 328,361 shares of the company’s stock after purchasing an additional 120,235 shares during the quarter. Bank of Montreal Can’s holdings in Ovintiv were worth $12,599,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Innealta Capital LLC bought a new position in Ovintiv in the 2nd quarter worth approximately $39,000. UMB Bank n.a. raised its position in shares of 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 acquiring an additional 286 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of Ovintiv during the second quarter valued at $69,000. Blue Trust Inc. boosted its holdings in Ovintiv by 24.0% in the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock valued at $93,000 after acquiring an additional 347 shares during the last quarter. Finally, Covestor Ltd increased its position in Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after purchasing an additional 560 shares during the period. Institutional investors own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. cut their target price on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Scotiabank increased their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday, November 18th. Evercore ISI lowered their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, Barclays raised their price target on Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus price target of $56.65.

Ovintiv Stock Performance

Shares of OVV stock opened at $45.42 on Monday. 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 Inc. has a 52 week low of $36.90 and a 52 week high of $55.95. The company’s 50 day moving average price is $41.94 and its two-hundred day moving average price is $44.04. The company has a market capitalization of $11.82 billion, a P/E ratio of 6.02 and a beta of 2.62.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.64%. Ovintiv’s payout ratio is 15.92%.

Ovintiv Company 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.