Polymer Capital Management US LLC Buys New Stake in Ovintiv Inc. (NYSE:OVV)

Polymer Capital Management US LLC purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,368 shares of the company’s stock, valued at approximately $258,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Ovintiv by 100.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after buying an additional 360 shares during the period. Smartleaf Asset Management LLC increased its stake in Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after purchasing an additional 335 shares during the period. Mizuho Bank Ltd. purchased a new stake in Ovintiv during the fourth quarter worth about $40,000. Cullen Frost Bankers Inc. lifted its position in shares of Ovintiv by 3,571.4% during the fourth quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company’s stock worth $42,000 after purchasing an additional 1,000 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Ovintiv by 451.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company’s stock valued at $46,000 after purchasing an additional 940 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Down 0.7 %

OVV opened at $32.71 on Tuesday. Ovintiv Inc. has a one year low of $30.40 and a one year high of $55.95. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market capitalization of $8.52 billion, a P/E ratio of 4.34 and a beta of 2.04. The business’s 50-day simple moving average is $41.89 and its 200-day simple moving average is $41.92.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date of this dividend was Friday, March 14th. Ovintiv’s dividend payout ratio is currently 28.57%.

Analyst Ratings Changes

OVV has been the topic of a number of research reports. National Bankshares increased their target price on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Morgan Stanley reaffirmed an “overweight” rating and set a $57.00 price objective on shares of Ovintiv in a research report on Wednesday, March 26th. 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 report on Thursday, March 13th. Barclays boosted their target price on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Finally, Williams Trading set a $58.00 price target on Ovintiv in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $57.17.

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.