Ovintiv Inc. (NYSE:OVV) Shares Purchased by M&T Bank Corp

M&T Bank Corp grew its position in shares of Ovintiv Inc. (NYSE:OVV) by 21.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,278 shares of the company’s stock after purchasing an additional 2,850 shares during the period. M&T Bank Corp’s holdings in Ovintiv were worth $624,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in OVV. True Wealth Design LLC lifted its holdings in Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after buying an additional 636 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Ovintiv in the second quarter worth about $39,000. UMB Bank n.a. boosted its holdings in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares during the last quarter. Transamerica Financial Advisors Inc. acquired a new stake in Ovintiv during the 3rd quarter valued at approximately $65,000. Finally, International Assets Investment Management LLC purchased a new stake in Ovintiv during the 2nd quarter worth approximately $69,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Performance

OVV stock opened at $38.98 on Wednesday. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95. The stock has a market capitalization of $10.15 billion, a price-to-earnings ratio of 5.17 and a beta of 2.63. 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’s fifty day moving average is $42.19 and its two-hundred day moving average is $43.39.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a $0.30 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.20 annualized dividend and a yield of 3.08%. Ovintiv’s dividend payout ratio is presently 15.92%.

Analyst Upgrades and Downgrades

OVV has been the subject of several research analyst reports. Truist Financial increased 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. Mizuho decreased their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday. Barclays upped their target price on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. decreased their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Finally, Scotiabank upped their price objective on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday, November 18th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $56.59.

About Ovintiv

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.