Korea Investment CORP Lowers Holdings in Ovintiv Inc. (NYSE:OVV)

Korea Investment CORP trimmed its position in shares of Ovintiv Inc. (NYSE:OVV) by 0.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 310,402 shares of the company’s stock after selling 1,700 shares during the period. Korea Investment CORP’s holdings in Ovintiv were worth $12,571,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Cerity Partners LLC lifted its holdings in shares of Ovintiv by 41.3% during the 3rd quarter. Cerity Partners LLC now owns 69,869 shares of the company’s stock valued at $2,677,000 after acquiring an additional 20,412 shares in the last quarter. Bank of Montreal Can grew its stake in Ovintiv by 57.8% in the third quarter. Bank of Montreal Can now owns 328,361 shares of the company’s stock worth $12,599,000 after purchasing an additional 120,235 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Ovintiv by 1.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 233,428 shares of the company’s stock worth $8,943,000 after acquiring an additional 2,889 shares in the last quarter. Townsquare Capital LLC increased its stake in Ovintiv by 97.6% during the third quarter. Townsquare Capital LLC now owns 8,814 shares of the company’s stock valued at $338,000 after purchasing an additional 4,354 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Ovintiv during the 3rd quarter valued at about $2,199,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OVV has been the subject of a number of recent research reports. Mizuho lowered their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Barclays lifted their price target on Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. UBS Group decreased their price objective on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a report on Monday, December 9th. National Bankshares lifted their target price on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, BMO Capital Markets upgraded Ovintiv from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $57.17.

Ovintiv Price Performance

Shares of NYSE OVV opened at $42.24 on Monday. Ovintiv Inc. has a twelve month low of $36.62 and a twelve month 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 has a 50-day moving average of $42.59 and a two-hundred day moving average of $41.93. The company has a market capitalization of $11.00 billion, a price-to-earnings ratio of 5.60 and a beta of 2.55.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Friday, March 14th. Ovintiv’s payout ratio 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.