New Age Alpha Advisors LLC Invests $2.37 Million in Ovintiv Inc. (NYSE:OVV)

New Age Alpha Advisors LLC acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV) during the 4th quarter, Holdings Channel reports. The fund acquired 58,545 shares of the company’s stock, valued at approximately $2,371,000.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Ovintiv by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock worth $1,193,272,000 after purchasing an additional 451,947 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its position in Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after buying an additional 1,207,610 shares during the period. Geode Capital Management LLC boosted its stake in Ovintiv by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock worth $173,296,000 after buying an additional 205,409 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Ovintiv by 0.3% in the 4th 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. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Ovintiv by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company’s stock valued at $77,508,000 after acquiring an additional 45,147 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Performance

NYSE:OVV opened at $42.24 on Friday. The firm has a 50-day moving average of $42.59 and a two-hundred day moving average of $41.90. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market cap of $11.00 billion, a P/E ratio of 5.60 and a beta of 2.55. Ovintiv Inc. has a 1-year low of $36.62 and a 1-year high of $55.95.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued 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 dividend payout ratio is currently 28.57%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on OVV shares. JPMorgan Chase & Co. lowered their target price on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Barclays upped their price objective on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and lowered their price target for the company from $55.00 to $54.00 in a research report on Monday, January 13th. UBS Group cut their price objective on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Finally, BMO Capital Markets upgraded Ovintiv from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Two investment 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 company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $57.17.

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.