Raymond James Financial Inc. Invests $7.77 Million in Ovintiv Inc. (NYSE:OVV)

Raymond James Financial Inc. bought a new position in Ovintiv Inc. (NYSE:OVV) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 191,916 shares of the company’s stock, valued at approximately $7,773,000.

A number of other institutional investors and 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% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after acquiring an additional 1,207,610 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Ovintiv by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after buying an additional 205,409 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Ovintiv by 0.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company’s stock valued at $118,530,000 after buying an additional 8,168 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of 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 buying an additional 45,147 shares during the period. Finally, Victory Capital Management Inc. increased its stake in shares of Ovintiv by 18.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,390,498 shares of the company’s stock valued at $56,315,000 after buying an additional 216,101 shares during the period. Institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on OVV shares. Citigroup lowered their price objective on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. National Bankshares upped their price objective on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Truist Financial upped their price objective on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, Scotiabank raised Ovintiv to a “strong-buy” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $56.78.

Ovintiv Stock Performance

Shares of OVV stock opened at $41.52 on Friday. The company has a market cap of $10.81 billion, a price-to-earnings ratio of 5.51 and a beta of 2.55. Ovintiv Inc. has a 52 week low of $36.62 and a 52 week high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a 50 day moving average of $42.80 and a 200-day moving average of $41.80.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.89%. The ex-dividend date is Friday, March 14th. Ovintiv’s dividend payout ratio (DPR) is 28.57%.

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.