AlphaQuest LLC Cuts Stake in Ovintiv Inc. (NYSE:OVV)

AlphaQuest LLC trimmed its position in shares of Ovintiv Inc. (NYSE:OVV) by 41.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 24,694 shares of the company’s stock after selling 17,415 shares during the period. AlphaQuest LLC’s holdings in Ovintiv were worth $1,000,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Hotchkis & Wiley Capital Management LLC grew its position in Ovintiv by 17.2% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after purchasing an additional 1,207,610 shares during the last quarter. Pacer Advisors Inc. grew its position in Ovintiv by 11,282.4% during the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after purchasing an additional 6,486,159 shares during the last quarter. Smead Capital Management Inc. grew its position in Ovintiv by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock valued at $241,476,000 after purchasing an additional 212,535 shares during the last quarter. Geode Capital Management LLC grew its position in Ovintiv by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after purchasing an additional 205,409 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Ovintiv by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company’s stock valued at $118,530,000 after purchasing an additional 8,168 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and lowered their target price for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Truist Financial raised their price target on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Scotiabank raised their price target on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday, November 18th. Citigroup dropped their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Finally, Mizuho dropped their price target on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $56.94.

Ovintiv Trading Down 1.7 %

Ovintiv stock opened at $37.89 on Tuesday. The stock has a market cap of $9.86 billion, a P/E ratio of 5.02 and a beta of 2.55. 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. The firm’s 50 day moving average price is $43.00 and its 200-day moving average price is $41.94.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s payout ratio is currently 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.