Prudential PLC Purchases 904 Shares of Ovintiv Inc. (NYSE:OVV)

Prudential PLC increased its holdings in Ovintiv Inc. (NYSE:OVV) by 12.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,040 shares of the company’s stock after acquiring an additional 904 shares during the quarter. Prudential PLC’s holdings in Ovintiv were worth $326,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Westpac Banking Corp boosted its position in Ovintiv by 64.8% during the 4th quarter. Westpac Banking Corp now owns 31,369 shares of the company’s stock valued at $1,270,000 after acquiring an additional 12,340 shares in the last quarter. Bryce Point Capital LLC purchased a new stake in shares of Ovintiv during the 4th quarter worth $488,000. Franklin Resources Inc. boosted its position in Ovintiv by 62.3% during the fourth quarter. Franklin Resources Inc. now owns 439,769 shares of the company’s stock valued at $17,811,000 after purchasing an additional 168,801 shares in the last quarter. Alliancebernstein L.P. grew its stake in Ovintiv by 15.1% in the fourth quarter. Alliancebernstein L.P. now owns 451,875 shares of the company’s stock valued at $18,301,000 after purchasing an additional 59,142 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC raised its holdings in Ovintiv by 17.9% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 28,212 shares of the company’s stock worth $1,143,000 after purchasing an additional 4,291 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OVV. Mizuho cut their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Barclays upped their price target on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. JPMorgan Chase & Co. decreased their price objective on Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Morgan Stanley restated an “overweight” rating and set a $57.00 target price on shares of Ovintiv in a research note on Wednesday, March 26th. Finally, BMO Capital Markets raised Ovintiv from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $57.17.

Ovintiv Trading Down 4.8 %

NYSE OVV opened at $31.15 on Wednesday. Ovintiv Inc. has a 1 year low of $30.40 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 company has a market capitalization of $8.11 billion, a PE ratio of 4.13 and a beta of 2.04. The company has a fifty day moving average of $41.37 and a 200 day moving average of $41.78.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.85%. Ovintiv’s dividend payout ratio (DPR) is presently 28.57%.

Ovintiv Company 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.