HighTower Advisors LLC Raises Stock Position in Ovintiv Inc. (NYSE:OVV)

HighTower Advisors LLC grew its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 17.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 15,456 shares of the company’s stock after acquiring an additional 2,303 shares during the quarter. HighTower Advisors LLC’s holdings in Ovintiv were worth $591,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in OVV. Pacer Advisors Inc. increased its stake in Ovintiv by 11,282.4% during the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after acquiring an additional 6,486,159 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Ovintiv by 114.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after purchasing an additional 1,618,556 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Ovintiv by 7,422.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock valued at $52,064,000 after purchasing an additional 1,340,947 shares during the last quarter. SIR Capital Management L.P. purchased a new stake in Ovintiv during the 2nd quarter valued at $22,732,000. Finally, Victory Capital Management Inc. lifted its position in Ovintiv by 42.6% in the third quarter. Victory Capital Management Inc. now owns 1,174,397 shares of the company’s stock worth $44,991,000 after buying an additional 350,909 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Down 0.7 %

Shares of NYSE OVV opened at $37.74 on Friday. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95. The firm has a market cap of $9.82 billion, a PE ratio of 5.01 and a beta of 2.63. The business has a fifty day simple moving average of $42.01 and a two-hundred day simple moving average of $43.31. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Dividend Announcement

The company 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 $0.30 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.18%. Ovintiv’s payout ratio is currently 15.92%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OVV. Citigroup cut their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Scotiabank upped their price target 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. Wells Fargo & Company decreased their price objective on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday. Mizuho dropped their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday. Finally, Evercore ISI reduced their price target on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $56.59.

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.