Cullen Frost Bankers Inc. Has $42,000 Holdings in Ovintiv Inc. (NYSE:OVV)

Cullen Frost Bankers Inc. raised its position in Ovintiv Inc. (NYSE:OVV) by 3,571.4% in the fourth quarter, HoldingsChannel reports. The fund owned 1,028 shares of the company’s stock after purchasing an additional 1,000 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Ovintiv were worth $42,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new stake in Ovintiv in the fourth quarter valued at approximately $768,000. M&T Bank Corp grew its stake in Ovintiv by 25.4% in the fourth quarter. M&T Bank Corp now owns 20,414 shares of the company’s stock valued at $827,000 after acquiring an additional 4,136 shares during the period. Victory Capital Management Inc. grew its stake in Ovintiv by 18.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,390,498 shares of the company’s stock valued at $56,315,000 after acquiring an additional 216,101 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Ovintiv by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company’s stock valued at $77,508,000 after acquiring an additional 45,147 shares during the period. Finally, Jones Financial Companies Lllp boosted its position in shares of Ovintiv by 48.0% during the fourth quarter. Jones Financial Companies Lllp now owns 6,425 shares of the company’s stock valued at $260,000 after buying an additional 2,084 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analysts Set New Price Targets

OVV has been the topic of several analyst reports. Citigroup cut their target price on Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Truist Financial lifted their target price on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Mizuho cut their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. National Bankshares lifted their target price on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and cut their target price for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $56.88.

Ovintiv Stock Performance

Shares of OVV opened at $38.55 on Monday. The firm has a market cap of $10.03 billion, a PE ratio of 5.11 and a beta of 2.55. The stock’s fifty day moving average price is $43.04 and its two-hundred day moving average price is $41.97. 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 1 year low of $36.62 and a 1 year high of $55.95.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.30 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.11%. Ovintiv’s payout ratio 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.