Prudent Man Advisors LLC Makes New Investment in Ovintiv Inc. (NYSE:OVV)

Prudent Man Advisors LLC bought a new stake in Ovintiv Inc. (NYSE:OVV) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 13,046 shares of the company’s stock, valued at approximately $500,000.

A number of other institutional investors have also added to or reduced their stakes in OVV. AQR Capital Management LLC grew its stake in Ovintiv by 114.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after purchasing an additional 1,618,556 shares during the period. Assenagon Asset Management S.A. grew its position in Ovintiv by 7,422.1% during the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock valued at $52,064,000 after buying an additional 1,340,947 shares during the period. Vanguard Group Inc. increased its holdings in Ovintiv by 3.8% during the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after buying an additional 1,024,931 shares during the last quarter. SIR Capital Management L.P. bought a new stake in Ovintiv in the second quarter worth about $22,732,000. Finally, Victory Capital Management Inc. boosted its stake in Ovintiv by 42.6% in the third quarter. Victory Capital Management Inc. now owns 1,174,397 shares of the company’s stock valued at $44,991,000 after acquiring an additional 350,909 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on OVV shares. Truist Financial upped their price objective on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research note on Friday. Mizuho cut their price target on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Barclays lifted their target price on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Wells Fargo & Company decreased their price objective on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 1st. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $57.00.

Ovintiv Trading Down 2.1 %

Shares of OVV opened at $43.79 on Monday. Ovintiv Inc. has a 1-year low of $36.90 and a 1-year high of $55.95. 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’s 50-day moving average price is $40.71 and its 200-day moving average price is $44.41. The firm has a market capitalization of $11.40 billion, a price-to-earnings ratio of 5.81, a PEG ratio of 7.97 and a beta of 2.62.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Friday, December 13th. Ovintiv’s payout ratio is presently 15.92%.

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.