Ovintiv Inc. (NYSE:OVV) Shares Sold by Pitcairn Co.

Pitcairn Co. decreased its position in shares of Ovintiv Inc. (NYSE:OVV) by 4.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,892 shares of the company’s stock after selling 499 shares during the quarter. Pitcairn Co.’s holdings in Ovintiv were worth $401,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Ovintiv by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock valued at $1,193,272,000 after buying an additional 451,947 shares during the period. Geode Capital Management LLC increased its stake in shares of Ovintiv by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after purchasing an additional 205,409 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Ovintiv by 1,732.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock worth $137,134,000 after purchasing an additional 3,203,087 shares during the period. Bank of New York Mellon Corp boosted its position in Ovintiv by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company’s stock worth $118,530,000 after purchasing an additional 8,168 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Ovintiv by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company’s stock valued at $77,508,000 after purchasing an additional 45,147 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on OVV shares. Wells Fargo & Company increased their target price on Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. Morgan Stanley reissued an “overweight” rating and set a $57.00 target price on shares of Ovintiv in a research note on Wednesday, March 26th. BMO Capital Markets raised 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 note on Monday, March 24th. Williams Trading set a $58.00 price objective on Ovintiv in a research note on Wednesday, March 5th. Finally, Barclays raised their target price on Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $57.17.

Ovintiv Trading Down 15.8 %

Shares of OVV opened at $32.89 on Friday. 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 firm has a 50-day moving average price of $42.11 and a 200 day moving average price of $41.96. Ovintiv Inc. has a 12-month low of $32.63 and a 12-month high of $55.95. The firm has a market capitalization of $8.57 billion, a P/E ratio of 4.36 and a beta of 2.04.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.65%. Ovintiv’s dividend payout ratio is currently 28.57%.

Ovintiv Company 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.