Alliancebernstein L.P. Increases Stake in Ovintiv Inc. (NYSE:OVV)

Alliancebernstein L.P. increased its stake in Ovintiv Inc. (NYSE:OVV) by 15.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 451,875 shares of the company’s stock after acquiring an additional 59,142 shares during the period. Alliancebernstein L.P.’s holdings in Ovintiv were worth $18,301,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. HighTower Advisors LLC lifted its stake in shares of Ovintiv by 17.5% in the 3rd quarter. HighTower Advisors LLC now owns 15,456 shares of the company’s stock valued at $591,000 after purchasing an additional 2,303 shares during the period. Stifel Financial Corp lifted its position in Ovintiv by 1.6% during the third quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock valued at $781,000 after buying an additional 322 shares during the period. EP Wealth Advisors LLC purchased a new position in Ovintiv during the third quarter valued at $214,000. National Bank of Canada FI boosted its holdings in shares of Ovintiv by 505.0% during the 3rd quarter. National Bank of Canada FI now owns 108,017 shares of the company’s stock valued at $4,138,000 after buying an additional 90,163 shares in the last quarter. Finally, Orion Portfolio Solutions LLC grew its position in shares of Ovintiv by 5.6% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 42,304 shares of the company’s stock worth $1,621,000 after buying an additional 2,244 shares during the period. 83.81% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on OVV. Truist Financial boosted their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Scotiabank raised Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. National Bankshares raised their price objective on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. JPMorgan Chase & Co. dropped their target price on Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and reduced their price target for the company from $55.00 to $54.00 in a report on Monday, January 13th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $57.17.

Ovintiv Stock Performance

Shares of NYSE OVV opened at $32.71 on Tuesday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm’s 50-day moving average price is $41.89 and its 200-day moving average price is $41.92. Ovintiv Inc. has a 52-week low of $30.40 and a 52-week high of $55.95. The company has a market cap of $8.52 billion, a PE ratio of 4.34 and a beta of 2.04.

Ovintiv Dividend Announcement

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

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.