Kingsview Wealth Management LLC Increases Stake in Ovintiv Inc. (NYSE:OVV)

Kingsview Wealth Management LLC increased its position in shares of Ovintiv Inc. (NYSE:OVV) by 20.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 201,483 shares of the company’s stock after purchasing an additional 34,490 shares during the period. Kingsview Wealth Management LLC’s holdings in Ovintiv were worth $7,719,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Innealta Capital LLC purchased a new position in Ovintiv in the second quarter valued at about $39,000. UMB Bank n.a. grew its stake in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Ovintiv in the second quarter valued at about $69,000. Blue Trust Inc. grew its stake in Ovintiv by 24.0% in the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock valued at $93,000 after purchasing an additional 347 shares during the last quarter. Finally, Covestor Ltd grew its stake in Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after purchasing an additional 560 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 0.3 %

Ovintiv stock opened at $46.71 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95. The company has a market capitalization of $12.16 billion, a price-to-earnings ratio of 6.19 and a beta of 2.62. The stock has a 50-day moving average price of $41.38 and a 200 day moving average price of $44.24.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is 15.92%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on OVV shares. Barclays lifted their target price on Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley cut their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Mizuho dropped their price target on Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Finally, Truist Financial boosted their price target on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $56.71.

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.