Hartree Partners LP Makes New $4.64 Million Investment in Ovintiv Inc. (NYSE:OVV)

Hartree Partners LP purchased a new stake in Ovintiv Inc. (NYSE:OVV) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 114,463 shares of the company’s stock, valued at approximately $4,636,000. Ovintiv makes up 1.7% of Hartree Partners LP’s holdings, making the stock its 19th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in OVV. Vanguard Group Inc. increased its holdings in Ovintiv by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock valued at $1,193,272,000 after acquiring an additional 451,947 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its stake in Ovintiv by 17.2% in 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 in the last quarter. Geode Capital Management LLC boosted its stake in shares of Ovintiv by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after acquiring an additional 205,409 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Ovintiv by 1,732.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock worth $137,134,000 after purchasing an additional 3,203,087 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Ovintiv by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company’s stock worth $118,530,000 after purchasing an additional 8,168 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OVV. UBS Group reduced their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Truist Financial boosted their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Williams Trading set a $58.00 target price on shares of Ovintiv in a research report on Wednesday, March 5th. Wells Fargo & Company lifted their price target on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. Finally, Barclays increased their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $57.17.

Ovintiv Stock Down 2.5 %

Shares of Ovintiv stock opened at $42.24 on Friday. The stock has a market capitalization of $11.00 billion, a price-to-earnings ratio of 5.60 and a beta of 2.55. 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 business’s 50 day simple moving average is $42.59 and its 200-day simple moving average is $41.90.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders 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 yield of 2.84%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s payout ratio is 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.