Martingale Asset Management L P Increases Stake in Ovintiv Inc. (NYSE:OVV)

Martingale Asset Management L P boosted its stake in Ovintiv Inc. (NYSE:OVV) by 177.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 59,522 shares of the company’s stock after purchasing an additional 38,106 shares during the quarter. Martingale Asset Management L P’s holdings in Ovintiv were worth $2,411,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership grew its stake in shares of Ovintiv by 1,732.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock valued at $137,134,000 after buying an additional 3,203,087 shares during the period. Pacific Heights Asset Management LLC boosted its holdings in Ovintiv by 697.4% in the fourth quarter. Pacific Heights Asset Management LLC now owns 1,515,000 shares of the company’s stock valued at $61,358,000 after acquiring an additional 1,325,000 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in Ovintiv by 1,807.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 791,853 shares of the company’s stock valued at $32,070,000 after acquiring an additional 750,349 shares during the period. Teacher Retirement System of Texas increased its stake in Ovintiv by 180.0% during the fourth quarter. Teacher Retirement System of Texas now owns 744,905 shares of the company’s stock worth $30,169,000 after acquiring an additional 478,846 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Ovintiv by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock worth $1,193,272,000 after acquiring an additional 451,947 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. Morgan Stanley reissued an “overweight” rating and issued a $57.00 price objective on shares of Ovintiv in a research report on Wednesday, March 26th. Williams Trading set a $58.00 target price on shares of Ovintiv in a report on Wednesday, March 5th. BMO Capital Markets raised Ovintiv from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Finally, Mizuho decreased their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $57.17.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $31.65 on Friday. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $55.77. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $8.24 billion, a P/E ratio of 4.20 and a beta of 2.04. The firm’s 50 day moving average is $40.89 and its two-hundred day moving average is $41.64.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend was Friday, March 14th. Ovintiv’s dividend 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.