Corebridge Financial Inc. Has $11.93 Million Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Corebridge Financial Inc. trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 5.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 294,585 shares of the company’s stock after selling 17,661 shares during the quarter. Corebridge Financial Inc. owned 0.11% of Ovintiv worth $11,931,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Pathstone Holdings LLC grew its stake in shares of Ovintiv by 82.2% in the third quarter. Pathstone Holdings LLC now owns 41,645 shares of the company’s stock worth $1,595,000 after purchasing an additional 18,783 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Ovintiv in the 3rd quarter valued at about $215,000. Advisors Asset Management Inc. grew its position in shares of Ovintiv by 88.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 11,337 shares of the company’s stock valued at $434,000 after buying an additional 5,315 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Ovintiv by 7.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company’s stock valued at $71,587,000 after buying an additional 133,192 shares during the period. Finally, Citigroup Inc. raised its position in shares of Ovintiv by 3.5% during the third quarter. Citigroup Inc. now owns 450,565 shares of the company’s stock worth $17,261,000 after acquiring an additional 15,066 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OVV. Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $55.00 to $57.00 in a research report on Monday. Williams Trading set a $58.00 target price on shares of Ovintiv in a research note on Wednesday, March 5th. Mizuho cut their price target 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. Finally, Truist Financial lifted their price objective on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and an average price target of $56.79.

Ovintiv Trading Up 1.8 %

NYSE:OVV opened at $43.77 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv Inc. has a one year low of $36.62 and a one year high of $55.95. The company has a market cap of $11.40 billion, a PE ratio of 5.81 and a beta of 2.55. The firm has a 50-day moving average of $42.75 and a 200-day moving average of $41.84.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, March 14th. 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.