Ovintiv Inc. $OVV Stock: M&G PLC Raises Position

M&G PLC increased its position in Ovintiv Inc. (NYSE:OVV) by 11.3% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 273,303 shares of the company’s stock after purchasing an additional 27,747 shares during the period. M&G PLC owned about 0.10% of Ovintiv worth $15,852,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Man Group plc acquired a new position in Ovintiv during the second quarter valued at $936,000. Bank of America Corp DE acquired a new stake in Ovintiv during the 2nd quarter worth about $79,475,000. Corient Private Wealth LP acquired a new stake in Ovintiv during the 2nd quarter worth about $9,481,000. PensionDanmark Pensionsforsikringsaktieselskab acquired a new stake in Ovintiv during the 2nd quarter worth about $4,738,000. Finally, Core Capital Management & Research inc. purchased a new position in Ovintiv during the 2nd quarter valued at about $4,716,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Price Performance

NYSE OVV opened at $61.53 on Wednesday. Ovintiv Inc. has a 1 year low of $36.81 and a 1 year high of $73.61. The company has a fifty day simple moving average of $64.65 and a 200 day simple moving average of $58.22. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.31. The company has a market cap of $16.53 billion, a P/E ratio of 8.56 and a beta of 0.57.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Tuesday, December 15th. Ovintiv’s dividend payout ratio is 24.19%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Roth Capital upped their target price on Ovintiv from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Thursday, October 22nd. Royal Bank Of Canada increased their price target on shares of Ovintiv from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 13th. Wall Street Zen cut shares of Ovintiv from a “strong-buy” rating to a “buy” rating in a report on Saturday. Canadian Imperial Bank of Commerce boosted their price objective on shares of Ovintiv from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, October 9th. Finally, Seaport Research Partners started coverage on shares of Ovintiv in a research report on Thursday, September 3rd. They set a “neutral” rating on the stock. Two 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $74.33.

Ovintiv Profile

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.