Prudential Financial Inc. Acquires 23,904 Shares of Ovintiv Inc. (NYSE:OVV)

Prudential Financial Inc. raised its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 13.9% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 195,814 shares of the company’s stock after acquiring an additional 23,904 shares during the period. Prudential Financial Inc.’s holdings in Ovintiv were worth $7,930,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Ninepoint Partners LP grew its holdings in shares of Ovintiv by 16.9% during the fourth quarter. Ninepoint Partners LP now owns 225,000 shares of the company’s stock worth $9,112,000 after purchasing an additional 32,500 shares in the last quarter. Franklin Resources Inc. lifted its position in Ovintiv by 16.0% during the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after purchasing an additional 37,341 shares during the last quarter. Retirement Systems of Alabama grew its stake in Ovintiv by 4.4% in the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock worth $12,288,000 after buying an additional 13,536 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Ovintiv by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company’s stock worth $77,508,000 after buying an additional 45,147 shares during the last quarter. Finally, Merit Financial Group LLC purchased a new stake in shares of Ovintiv during the 4th quarter valued at $333,000. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Price Performance

Shares of OVV stock opened at $42.24 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv Inc. has a fifty-two week low of $36.62 and a fifty-two week high of $55.95. The firm has a market cap of $11.00 billion, a P/E ratio of 5.60 and a beta of 2.55. The business’s 50 day moving average price is $42.59 and its 200-day moving average price is $41.90.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given 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 currently 28.57%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OVV. Truist Financial upped their target price on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. National Bankshares increased their price objective on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. UBS Group decreased 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. Scotiabank raised Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th. Finally, Williams Trading set a $58.00 price target on shares of Ovintiv in a research report on Wednesday, March 5th. Two research 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 data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $57.17.

Ovintiv Company 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.