Ovintiv Inc. (NYSE:OVV) Shares Sold by Legal & General Group Plc

Legal & General Group Plc lowered its holdings in Ovintiv Inc. (NYSE:OVV) by 38.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 979,999 shares of the company’s stock after selling 618,250 shares during the quarter. Legal & General Group Plc owned 0.38% of Ovintiv worth $39,690,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in OVV. Nisa Investment Advisors LLC raised its stake in shares of Ovintiv by 0.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock valued at $2,647,000 after buying an additional 231 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its holdings in Ovintiv by 2.8% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock worth $412,000 after acquiring an additional 276 shares during the period. Fifth Third Bancorp lifted its holdings in Ovintiv by 13.4% in the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock valued at $97,000 after acquiring an additional 282 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Ovintiv by 1.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock valued at $830,000 after acquiring an additional 300 shares during the period. Finally, Stifel Financial Corp grew its stake in shares of Ovintiv by 1.6% during the 3rd quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock worth $781,000 after purchasing an additional 322 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

Ovintiv stock opened at $32.77 on Friday. The firm has a 50 day simple moving average of $40.67 and a 200-day simple moving average of $41.60. The stock has a market cap of $8.53 billion, a price-to-earnings ratio of 4.35 and a beta of 2.04. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $55.77.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 3.66%. Ovintiv’s dividend payout ratio (DPR) is 28.57%.

Analysts Set New Price Targets

Several research firms recently commented on OVV. BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and raised their price target for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Williams Trading set a $58.00 target price on Ovintiv in a research report on Wednesday, March 5th. Morgan Stanley reaffirmed an “overweight” rating and issued a $57.00 price target on shares of Ovintiv in a report on Wednesday, March 26th. National Bankshares raised their price objective on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, Bank of America raised shares of Ovintiv from a “neutral” rating to a “buy” rating and dropped their price target for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Ovintiv has a consensus rating of “Buy” and an average target price of $56.47.

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.