The Manufacturers Life Insurance Company increased its holdings in shares of Ovintiv Inc. (NYSE:OVV – Free Report) by 4.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 213,510 shares of the company’s stock after acquiring an additional 8,585 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.08% of Ovintiv worth $12,674,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the business. AQR Capital Management LLC lifted its holdings in Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after acquiring an additional 3,589,030 shares during the period. Millennium Management LLC grew its stake in shares of Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Ovintiv by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after purchasing an additional 1,669,469 shares during the period. Goldentree Asset Management LP purchased a new position in shares of Ovintiv in the 4th quarter valued at about $61,528,000. Finally, Freestone Grove Partners LP lifted its stake in shares of Ovintiv by 79.9% in the fourth quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company’s stock valued at $120,506,000 after purchasing an additional 1,365,535 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.
Ovintiv Price Performance
Ovintiv stock opened at $62.40 on Monday. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $64.61. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The firm’s 50-day simple moving average is $56.50 and its 200 day simple moving average is $54.00. The firm has a market capitalization of $17.19 billion, a PE ratio of 17.63 and a beta of 0.53.
Ovintiv Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 1.9%. Ovintiv’s dividend payout ratio is currently 33.90%.
Analyst Ratings Changes
OVV has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Ovintiv from a “hold” rating to a “buy” rating in a research report on Saturday, July 25th. Roth Capital increased their target price on shares of Ovintiv from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, June 24th. UBS Group lifted their price target on shares of Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th. Finally, Texas Capital upgraded Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Ovintiv has an average rating of “Moderate Buy” and an average target price of $66.89.
About Ovintiv
Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.
The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.
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