Dynamic Technology Lab Private Ltd Increases Position in Ovintiv Inc. (NYSE:OVV)

Dynamic Technology Lab Private Ltd increased its stake in shares of Ovintiv Inc. (NYSE:OVV) by 337.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 31,531 shares of the company’s stock after acquiring an additional 24,322 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Ovintiv were worth $1,208,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. lifted its position in Ovintiv by 9.2% during the 3rd quarter. Daiwa Securities Group Inc. now owns 20,200 shares of the company’s stock worth $774,000 after acquiring an additional 1,700 shares during the period. Cerity Partners LLC raised its stake in shares of Ovintiv by 41.3% during the third quarter. Cerity Partners LLC now owns 69,869 shares of the company’s stock worth $2,677,000 after purchasing an additional 20,412 shares during the last quarter. Kingsview Wealth Management LLC lifted its holdings in shares of Ovintiv by 20.7% during the third quarter. Kingsview Wealth Management LLC now owns 201,483 shares of the company’s stock worth $7,719,000 after purchasing an additional 34,490 shares during the period. Citigroup Inc. grew its position in Ovintiv by 3.5% in the 3rd quarter. Citigroup Inc. now owns 450,565 shares of the company’s stock valued at $17,261,000 after buying an additional 15,066 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Ovintiv by 7.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company’s stock valued at $71,587,000 after buying an additional 133,192 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on OVV shares. Evercore ISI cut their price target on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. 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 report on Thursday, September 12th. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Truist Financial increased their price objective on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, UBS Group boosted their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $56.65.

Ovintiv Stock Performance

Shares of OVV opened at $45.73 on Wednesday. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95. The company’s 50 day simple moving average is $41.62 and its 200 day simple moving average is $44.13. The company has a market capitalization of $11.90 billion, a price-to-earnings ratio of 6.06 and a beta of 2.62. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio is presently 15.92%.

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.