BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $1.71 Million Holdings in Ovintiv Inc. (NYSE:OVV)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 13.5% during the third quarter, Holdings Channel reports. The fund owned 44,529 shares of the company’s stock after selling 6,967 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Ovintiv were worth $1,706,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raymond James & Associates grew its holdings in shares of Ovintiv by 1.2% during the third quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock worth $7,529,000 after purchasing an additional 2,275 shares during the last quarter. Quarry LP grew its holdings in Ovintiv by 89.1% during the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock worth $1,917,000 after acquiring an additional 19,272 shares during the last quarter. Wedge Capital Management L L P NC increased its position in Ovintiv by 25.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock valued at $25,090,000 after acquiring an additional 106,900 shares in the last quarter. Smead Capital Management Inc. raised its stake in shares of Ovintiv by 3.5% in the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after acquiring an additional 212,535 shares during the last quarter. Finally, Entropy Technologies LP raised its stake in shares of Ovintiv by 319.9% in the third quarter. Entropy Technologies LP now owns 149,457 shares of the company’s stock worth $5,726,000 after acquiring an additional 113,866 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $42.67 on Friday. The stock’s fifty day simple moving average is $42.26 and its 200 day simple moving average is $43.94. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $11.11 billion, a PE ratio of 5.66 and a beta of 2.63. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month high of $55.95.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio is currently 15.92%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. 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. Truist Financial lifted their target price on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, November 15th. UBS Group upped their price target on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Evercore ISI lowered their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Finally, Mizuho cut their target price on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $56.65.

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.