Redwood Investment Management LLC Boosts Stake in Ovintiv Inc. (NYSE:OVV)

Redwood Investment Management LLC grew its stake in shares of Ovintiv Inc. (NYSE:OVV) by 4.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 30,486 shares of the company’s stock after buying an additional 1,218 shares during the period. Redwood Investment Management LLC’s holdings in Ovintiv were worth $1,170,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. True Wealth Design LLC boosted its position in Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after buying an additional 636 shares during the period. Innealta Capital LLC bought a new stake in Ovintiv during the 2nd quarter valued at approximately $39,000. UMB Bank n.a. grew its stake in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares during the period. International Assets Investment Management LLC bought a new position in shares of Ovintiv in the 2nd quarter worth about $69,000. Finally, Transamerica Financial Advisors Inc. purchased a new position in shares of Ovintiv during the third quarter valued at approximately $65,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Down 3.5 %

Shares of NYSE:OVV opened at $41.17 on Friday. 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 stock has a market capitalization of $10.72 billion, a price-to-earnings ratio of 5.46 and a beta of 2.63. Ovintiv Inc. has a 52-week low of $36.90 and a 52-week high of $55.95. The stock’s 50-day simple moving average is $42.26 and its two-hundred day simple moving average is $43.94.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.92%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio is currently 15.92%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on OVV shares. Morgan Stanley dropped their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Mizuho reduced their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Barclays lifted their target price on shares of Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Finally, Evercore ISI decreased their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average 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.