Hotchkis & Wiley Capital Management LLC Grows Stock Position in Ovintiv Inc. (NYSE:OVV)

Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 17.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,212,561 shares of the company’s stock after buying an additional 1,207,610 shares during the period. Hotchkis & Wiley Capital Management LLC’s holdings in Ovintiv were worth $314,623,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. purchased a new position in shares of Ovintiv during the 1st quarter worth approximately $396,000. Tidal Investments LLC grew its position in shares of Ovintiv by 7.0% during the first quarter. Tidal Investments LLC now owns 7,648 shares of the company’s stock worth $397,000 after acquiring an additional 497 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Ovintiv by 678.9% in the first quarter. Cetera Investment Advisers now owns 37,113 shares of the company’s stock valued at $1,926,000 after buying an additional 32,348 shares during the period. GAMMA Investing LLC boosted its stake in Ovintiv by 16.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,684 shares of the company’s stock worth $173,000 after purchasing an additional 514 shares during the period. Finally, DNB Asset Management AS raised its stake in shares of Ovintiv by 6.7% during the 2nd quarter. DNB Asset Management AS now owns 50,961 shares of the company’s stock worth $2,389,000 after purchasing an additional 3,180 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Performance

Shares of NYSE OVV opened at $44.23 on Tuesday. Ovintiv Inc. has a 52-week low of $36.90 and a 52-week high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market cap of $11.51 billion, a PE ratio of 5.87 and a beta of 2.63. The firm’s 50-day moving average price is $41.94 and its 200-day moving average price is $44.04.

Ovintiv Announces Dividend

The firm also recently declared 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 yield of 2.71%. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Analyst Ratings Changes

OVV has been the topic of a number of recent analyst reports. Morgan Stanley reduced their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. JPMorgan Chase & Co. decreased their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Mizuho cut their target price on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Scotiabank raised their price target on shares of Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research note on Monday, November 18th. Finally, Truist Financial upped their price objective on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $56.65.

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.