Pathstone Holdings LLC Increases Position in Ovintiv Inc. (NYSE:OVV)

Pathstone Holdings LLC raised its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 82.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,645 shares of the company’s stock after buying an additional 18,783 shares during the quarter. Pathstone Holdings LLC’s holdings in Ovintiv were worth $1,595,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. purchased a new position in shares of Ovintiv during the 1st quarter worth approximately $1,149,000. B. Riley Wealth Advisors Inc. purchased a new position in Ovintiv in the first quarter valued at $396,000. Tidal Investments LLC lifted its stake in Ovintiv by 7.0% in the first quarter. Tidal Investments LLC now owns 7,648 shares of the company’s stock worth $397,000 after acquiring an additional 497 shares during the last quarter. Plato Investment Management Ltd acquired a new stake in Ovintiv in the first quarter valued at $617,000. Finally, Atria Investments Inc lifted its stake in Ovintiv by 6.6% during the first quarter. Atria Investments Inc now owns 43,911 shares of the company’s stock worth $2,279,000 after purchasing an additional 2,722 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

OVV has been the topic of a number of research analyst reports. Mizuho cut their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Wells Fargo & Company reduced their price target on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 1st. Royal Bank of Canada lowered their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. Truist Financial upped their price target on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Evercore ISI lowered their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.65.

Ovintiv Stock Performance

Shares of OVV stock opened at $45.49 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market cap of $11.84 billion, a PE ratio of 6.03 and a beta of 2.62. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95. The stock has a fifty day moving average price of $41.74 and a 200 day moving average price of $44.14.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s payout ratio is currently 15.92%.

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.