Bridgewater Associates LP Purchases 55,125 Shares of Ovintiv Inc. (NYSE:OVV)

Bridgewater Associates LP lifted its position in shares of Ovintiv Inc. (NYSE:OVV) by 23.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 291,641 shares of the company’s stock after acquiring an additional 55,125 shares during the quarter. Bridgewater Associates LP owned approximately 0.11% of Ovintiv worth $11,811,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. National Bankshares lifted their price target on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Truist Financial upped their price target on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Wells Fargo & Company raised their price objective on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. JPMorgan Chase & Co. decreased their target price on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Williams Trading set a $58.00 price target on shares of Ovintiv in a research report on Wednesday, March 5th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $56.06.

Ovintiv Trading Up 2.8 %

NYSE OVV opened at $33.11 on Thursday. The stock has a 50-day moving average of $40.06 and a 200-day moving average of $41.46. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $53.57. The firm has a market cap of $8.62 billion, a PE ratio of 4.39 and a beta of 2.04.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.62%. The ex-dividend date of this dividend was Friday, March 14th. Ovintiv’s dividend payout ratio is 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.