Proficio Capital Partners LLC Buys Shares of 18,962 Ovintiv Inc. (NYSE:OVV)

Proficio Capital Partners LLC purchased a new position in Ovintiv Inc. (NYSE:OVV) in the fourth quarter, Holdings Channel.com reports. The firm purchased 18,962 shares of the company’s stock, valued at approximately $768,000.

Several other hedge funds have also recently made changes to their positions in the stock. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Ovintiv by 17.2% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after buying an additional 1,207,610 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in Ovintiv by 1,807.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 791,853 shares of the company’s stock worth $32,070,000 after purchasing an additional 750,349 shares during the last quarter. Glenmede Trust Co. NA boosted its position in Ovintiv by 2,105.0% in the third quarter. Glenmede Trust Co. NA now owns 333,150 shares of the company’s stock worth $12,763,000 after purchasing an additional 318,041 shares during the last quarter. Two Sigma Advisers LP increased its position in shares of Ovintiv by 26.1% during the 3rd quarter. Two Sigma Advisers LP now owns 1,272,750 shares of the company’s stock valued at $48,759,000 after purchasing an additional 263,500 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Ovintiv by 18.4% in the 4th quarter. Victory Capital Management Inc. now owns 1,390,498 shares of the company’s stock worth $56,315,000 after purchasing an additional 216,101 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OVV has been the topic of several analyst reports. Truist Financial lifted their price target on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. JPMorgan Chase & Co. lowered their target price on Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. UBS Group reduced their price target on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Wells Fargo & Company lifted their price objective on Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, Citigroup reduced their target price on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.78.

Ovintiv Price Performance

Shares of OVV stock opened at $41.52 on Friday. The company has a market capitalization of $10.81 billion, a P/E ratio of 5.51 and a beta of 2.55. The company’s 50-day simple moving average is $42.80 and its two-hundred day simple moving average is $41.80. Ovintiv Inc. has a one year low of $36.62 and a one year high of $55.95. 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.30 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.89%. Ovintiv’s dividend payout ratio is presently 28.57%.

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.