DnB Asset Management AS Has $2.28 Million Holdings in Ovintiv Inc. (NYSE:OVV)

DnB Asset Management AS grew its position in shares of Ovintiv Inc. (NYSE:OVV) by 8.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 56,258 shares of the company’s stock after acquiring an additional 4,582 shares during the period. DnB Asset Management AS’s holdings in Ovintiv were worth $2,278,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in Ovintiv by 0.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock worth $2,647,000 after buying an additional 231 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Ovintiv by 2.8% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock valued at $412,000 after acquiring an additional 276 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of Ovintiv by 13.4% during the 4th quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock valued at $97,000 after acquiring an additional 282 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in Ovintiv by 1.5% in the 4th quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock worth $830,000 after purchasing an additional 300 shares during the last quarter. Finally, Stifel Financial Corp lifted its holdings in Ovintiv by 1.6% in the 3rd quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock worth $781,000 after purchasing an additional 322 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

NYSE:OVV opened at $43.87 on Wednesday. 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 company has a 50-day moving average of $42.50 and a 200-day moving average of $41.99. Ovintiv Inc. has a 52 week low of $36.62 and a 52 week high of $55.95. The company has a market capitalization of $11.42 billion, a price-to-earnings ratio of 5.82 and a beta of 2.55.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date was Friday, March 14th. Ovintiv’s payout ratio is 28.57%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on OVV. Wells Fargo & Company lifted their price target on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. Scotiabank upgraded shares of Ovintiv to a “strong-buy” rating in a report on Wednesday, March 19th. Morgan Stanley restated an “overweight” rating and set a $57.00 price target on shares of Ovintiv in a report on Wednesday, March 26th. Williams Trading set a $58.00 price objective on Ovintiv in a research note on Wednesday, March 5th. Finally, UBS Group cut their price objective on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $57.17.

About Ovintiv

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.