NFJ Investment Group LLC Has $32.52 Million Stake in Ovintiv Inc. (NYSE:OVV)

NFJ Investment Group LLC boosted its holdings in Ovintiv Inc. (NYSE:OVV) by 1.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 803,060 shares of the company’s stock after acquiring an additional 11,233 shares during the quarter. Ovintiv accounts for about 1.0% of NFJ Investment Group LLC’s holdings, making the stock its 21st biggest position. NFJ Investment Group LLC’s holdings in Ovintiv were worth $32,524,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bridgewater Associates LP grew its holdings in shares of Ovintiv by 23.3% during the fourth quarter. Bridgewater Associates LP now owns 291,641 shares of the company’s stock valued at $11,811,000 after buying an additional 55,125 shares during the last quarter. Barclays PLC increased its holdings in Ovintiv by 4.3% during the 4th quarter. Barclays PLC now owns 489,259 shares of the company’s stock worth $19,814,000 after purchasing an additional 20,262 shares in the last quarter. Summit Investment Advisors Inc. raised its stake in shares of Ovintiv by 47.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 79,642 shares of the company’s stock worth $3,226,000 after purchasing an additional 25,469 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Ovintiv by 52.6% in the fourth quarter. Sterling Capital Management LLC now owns 15,607 shares of the company’s stock valued at $632,000 after purchasing an additional 5,381 shares in the last quarter. Finally, Covestor Ltd boosted its position in shares of Ovintiv by 45.3% during the fourth quarter. Covestor Ltd now owns 2,667 shares of the company’s stock valued at $108,000 after buying an additional 832 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on OVV shares. JPMorgan Chase & Co. cut their price objective 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. BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Bank of America raised shares of Ovintiv from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Williams Trading set a $58.00 target price on shares of Ovintiv in a research report on Wednesday, March 5th. Finally, National Bankshares upped their target price on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Two research 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $56.06.

Ovintiv Stock Performance

Shares of OVV opened at $32.16 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. The firm has a market cap of $8.37 billion, a PE ratio of 4.26 and a beta of 2.04. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $53.57. The stock’s fifty day moving average price is $40.25 and its two-hundred day moving average price is $41.52.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.73%. The ex-dividend date of this dividend was 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.