Ovintiv Inc. (NYSE:OVV) Shares Purchased by Smead Capital Management Inc.

Smead Capital Management Inc. grew its stake in shares of Ovintiv Inc. (NYSE:OVV) by 3.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,303,203 shares of the company’s stock after acquiring an additional 212,535 shares during the quarter. Ovintiv comprises approximately 3.4% of Smead Capital Management Inc.’s investment portfolio, making the stock its 14th largest holding. Smead Capital Management Inc.’s holdings in Ovintiv were worth $241,476,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC increased its stake in shares of Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after acquiring 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 3rd quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock worth $52,064,000 after purchasing an additional 1,340,947 shares during the period. Vanguard Group Inc. grew its position in Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after purchasing an additional 1,024,931 shares during the period. SIR Capital Management L.P. acquired a new position in shares of Ovintiv in the 2nd quarter valued at about $22,732,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Ovintiv by 42.6% in the third quarter. Victory Capital Management Inc. now owns 1,174,397 shares of the company’s stock worth $44,991,000 after buying an additional 350,909 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

OVV has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. UBS Group lifted their target price on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a report on Monday. Wells Fargo & Company lowered their price target on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 1st. Citigroup dropped their price target on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Finally, Scotiabank upped their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research report on Monday. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.71.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $44.97 on Tuesday. The business has a 50 day simple moving average of $40.80 and a two-hundred day simple moving average of $44.36. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month high of $55.95. The stock has a market capitalization of $11.71 billion, a P/E ratio of 5.96 and a beta of 2.62. 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 company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.67%. Ovintiv’s payout ratio is currently 15.92%.

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.