Capstone Investment Advisors LLC Purchases New Shares in Ovintiv Inc. (NYSE:OVV)

Capstone Investment Advisors LLC acquired a new position in shares of Ovintiv Inc. (NYSE:OVV) in the third quarter, Holdings Channel.com reports. The firm acquired 5,770 shares of the company’s stock, valued at approximately $221,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. acquired a new position in shares of Ovintiv during the 1st quarter worth about $396,000. Tidal Investments LLC lifted its position in shares of Ovintiv by 7.0% in the first quarter. Tidal Investments LLC now owns 7,648 shares of the company’s stock valued at $397,000 after acquiring an additional 497 shares in the last quarter. Atria Investments Inc increased its position in shares of Ovintiv by 6.6% during the first quarter. Atria Investments Inc now owns 43,911 shares of the company’s stock worth $2,279,000 after purchasing an additional 2,722 shares in the last quarter. Cetera Investment Advisers increased its position in shares of Ovintiv by 678.9% during the first quarter. Cetera Investment Advisers now owns 37,113 shares of the company’s stock worth $1,926,000 after purchasing an additional 32,348 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Ovintiv by 16.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,684 shares of the company’s stock valued at $173,000 after purchasing an additional 514 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Citigroup dropped their target price on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Morgan Stanley decreased their target price on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Scotiabank upped their price target on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Wells Fargo & Company cut their price target on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. lowered their price objective on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and an average price target of $56.65.

Ovintiv Stock Performance

NYSE OVV opened at $45.42 on Friday. The company has a market cap of $11.82 billion, a P/E ratio of 6.02 and a beta of 2.62. Ovintiv Inc. has a 1-year low of $36.90 and a 1-year high of $55.95. 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 50-day moving average of $41.94 and a two-hundred day moving average of $44.08.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.64%. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

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.