Wealthfront Advisers LLC Purchases Shares of 8,658 Ovintiv Inc. (NYSE:OVV)

Wealthfront Advisers LLC purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 8,658 shares of the company’s stock, valued at approximately $351,000.

Several other institutional investors have also recently made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC raised its position in shares of Ovintiv by 17.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after acquiring an additional 1,207,610 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of Ovintiv by 11,282.4% in the 3rd 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 in the last quarter. Smead Capital Management Inc. raised its position in shares of Ovintiv by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after acquiring an additional 212,535 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Ovintiv by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock worth $173,296,000 after acquiring an additional 205,409 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Ovintiv by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company’s stock worth $118,530,000 after acquiring an additional 8,168 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on OVV. Truist Financial increased their target price on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. JPMorgan Chase & Co. decreased their target price on Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday. Mizuho cut their price target on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Williams Trading set a $58.00 price target on Ovintiv in a research note on Wednesday, March 5th. Finally, Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and cut their price target for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $56.61.

Ovintiv Stock Performance

OVV stock opened at $40.50 on Monday. The company has a market cap of $10.54 billion, a P/E ratio of 5.37 and a beta of 2.55. Ovintiv Inc. has a 1 year low of $36.62 and a 1 year high of $55.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock’s fifty day moving average price is $42.87 and its 200-day moving average price is $41.83.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.30 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.96%. Ovintiv’s dividend payout ratio (DPR) is currently 28.57%.

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.