JPMorgan Chase & Co. Raises Stock Holdings in Ovintiv Inc. (NYSE:OVV)

JPMorgan Chase & Co. lifted its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 30.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,524,743 shares of the company’s stock after buying an additional 352,368 shares during the quarter. JPMorgan Chase & Co.’s holdings in Ovintiv were worth $61,752,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in OVV. Nisa Investment Advisors LLC raised its position in Ovintiv by 0.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock worth $2,647,000 after acquiring an additional 231 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its stake in Ovintiv by 2.8% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock valued at $412,000 after buying an additional 276 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Ovintiv by 13.4% in the 4th quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock worth $97,000 after buying an additional 282 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in Ovintiv by 1.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock worth $830,000 after buying an additional 300 shares in the last quarter. Finally, Stifel Financial Corp lifted its position in shares of Ovintiv by 1.6% in the third quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock valued at $781,000 after acquiring an additional 322 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Truist Financial boosted their price target on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Wells Fargo & Company increased their target price on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. National Bankshares boosted their price target on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. JPMorgan Chase & Co. dropped their price objective on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Mizuho decreased their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv presently has an average rating of “Buy” and an average price target of $57.17.

Ovintiv Price Performance

NYSE:OVV opened at $32.89 on Friday. The company has a market capitalization of $8.57 billion, a P/E ratio of 4.36 and a beta of 2.04. 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 Inc. has a 52 week low of $32.63 and a 52 week high of $55.95. The stock’s fifty day moving average is $42.11 and its two-hundred day moving average is $41.94.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.30 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 3.65%. Ovintiv’s payout ratio is currently 28.57%.

About Ovintiv

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.