Summit Global Investments Trims Holdings in Ovintiv Inc. (NYSE:OVV)

Summit Global Investments reduced its stake in Ovintiv Inc. (NYSE:OVV) by 30.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 13,718 shares of the company’s stock after selling 5,909 shares during the period. Summit Global Investments’ holdings in Ovintiv were worth $556,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

Several research firms have issued reports on OVV. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and cut their target price for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. Citigroup cut their price objective on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Wells Fargo & Company upped their target price on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. Mizuho dropped their price target on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. decreased 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. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Ovintiv currently has a consensus rating of “Moderate Buy” and an average target price of $56.79.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $43.05 on Tuesday. 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 $11.21 billion, a PE ratio of 5.71 and a beta of 2.55. 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 business has a 50-day simple moving average of $42.77 and a 200-day simple moving average of $41.82.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.79%. The ex-dividend date 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.