Napatree Capital LLC Increases Holdings in Ovintiv Inc. (NYSE:OVV)

Napatree Capital LLC increased its stake in Ovintiv Inc. (NYSE:OVV) by 25.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,046 shares of the company’s stock after purchasing an additional 2,026 shares during the quarter. Napatree Capital LLC’s holdings in Ovintiv were worth $407,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. LPL Financial LLC grew its position in shares of Ovintiv by 17.8% in the fourth quarter. LPL Financial LLC now owns 89,492 shares of the company’s stock valued at $3,624,000 after purchasing an additional 13,554 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in Ovintiv during the fourth quarter worth about $4,281,000. Hillsdale Investment Management Inc. grew its position in Ovintiv by 1,577.0% during the fourth quarter. Hillsdale Investment Management Inc. now owns 298,500 shares of the company’s stock worth $12,079,000 after buying an additional 280,700 shares in the last quarter. Sei Investments Co. grew its position in Ovintiv by 419.4% during the fourth quarter. Sei Investments Co. now owns 237,693 shares of the company’s stock worth $9,627,000 after buying an additional 191,929 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Ovintiv by 11.0% during the fourth quarter. American Century Companies Inc. now owns 488,182 shares of the company’s stock worth $19,771,000 after buying an additional 48,308 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Mizuho reduced their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. UBS Group reduced their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. National Bankshares boosted their target price on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Williams Trading set a $58.00 target price on Ovintiv in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. dropped their price target on Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.78.

Ovintiv Trading Down 1.4 %

NYSE OVV opened at $41.52 on Friday. Ovintiv Inc. has a 1-year low of $36.62 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 stock has a 50-day moving average of $42.80 and a 200-day moving average of $41.80. The firm has a market cap of $10.81 billion, a PE ratio of 5.51 and a beta of 2.55.

Ovintiv Dividend Announcement

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