Magnetar Financial LLC Has $5.81 Million Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Magnetar Financial LLC cut its stake in Ovintiv Inc. (NYSE:OVV) by 12.7% during the fourth quarter, HoldingsChannel reports. The fund owned 143,520 shares of the company’s stock after selling 20,918 shares during the quarter. Magnetar Financial LLC’s holdings in Ovintiv were worth $5,813,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. True Wealth Design LLC increased its position in Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after buying an additional 636 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after buying an additional 360 shares during the last quarter. Smartleaf Asset Management LLC increased its position in Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after buying an additional 335 shares during the last quarter. Cullen Frost Bankers Inc. increased its position in Ovintiv by 3,571.4% during the fourth quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company’s stock worth $42,000 after buying an additional 1,000 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Ovintiv by 451.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company’s stock worth $46,000 after buying an additional 940 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Up 4.0 %

NYSE OVV opened at $42.39 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a 50-day simple moving average of $42.85 and a 200 day simple moving average of $41.80. Ovintiv Inc. has a twelve month low of $36.62 and a twelve month high of $55.95. The stock has a market cap of $11.04 billion, a PE ratio of 5.62 and a beta of 2.55.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s payout ratio is presently 28.57%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. UBS Group lowered their target price on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research report on Monday, December 9th. Citigroup lowered their target price on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. National Bankshares increased their target price on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Truist Financial upped their price target on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Finally, Mizuho decreased their price target on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $56.61.

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.