M&G PLC raised its holdings in shares of Ovintiv Inc. (NYSE:OVV – Free Report) by 11.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 273,303 shares of the company’s stock after buying an additional 27,747 shares during the quarter. M&G PLC’s holdings in Ovintiv were worth $15,852,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of OVV. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Ovintiv in the second quarter worth $32,000. Aberdeen Wealth Management LLC bought a new position in Ovintiv during the second quarter worth $32,000. Markowski Investments acquired a new position in Ovintiv during the 2nd quarter valued at $39,000. Heritage Family Offices LLP acquired a new position in Ovintiv during the 3rd quarter valued at $72,000. Finally, Root Financial Partners LLC bought a new stake in Ovintiv in the 3rd quarter valued at $75,000. 83.81% of the stock is owned by institutional investors.
Ovintiv Trading Up 1.7%
Shares of OVV stock opened at $61.53 on Wednesday. Ovintiv Inc. has a 12-month low of $36.81 and a 12-month high of $73.61. The company has a market capitalization of $16.53 billion, a P/E ratio of 8.56 and a beta of 0.57. The firm has a 50-day moving average price of $64.65 and a 200 day moving average price of $58.22. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.31.
Ovintiv Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. Ovintiv’s dividend payout ratio (DPR) is presently 24.19%.
Wall Street Analyst Weigh In
Several analysts have issued reports on OVV shares. Wall Street Zen lowered shares of Ovintiv from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Scotiabank boosted their price objective on shares of Ovintiv from $75.00 to $80.00 and gave the stock a “sector outperform” rating in a report on Monday, October 19th. Zacks Research raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 27th. Weiss Ratings upgraded shares of Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 2nd. Finally, UBS Group reiterated a “buy” rating and issued a $85.00 target price on shares of Ovintiv in a research note on Monday, September 14th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price of $74.33.
Check Out Our Latest Stock Report on Ovintiv
About Ovintiv
Ovintiv Inc. is an independent oil and natural gas producer focused on developing and producing crude oil, natural gas and natural gas liquids in North America. Its operations include exploration, drilling and production, supported by infrastructure and marketing activities related to its energy products. The company’s principal operating areas include the Permian Basin and Anadarko Basin in the United States, as well as the Montney formation in Canada. Its production serves energy markets through sales of oil, natural gas and natural gas liquids.
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