Westpac Banking Corp Purchases 12,340 Shares of Ovintiv Inc. (NYSE:OVV)

Westpac Banking Corp raised its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 64.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,369 shares of the company’s stock after purchasing an additional 12,340 shares during the quarter. Westpac Banking Corp’s holdings in Ovintiv were worth $1,270,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its position in shares of Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after purchasing an additional 360 shares during the period. Smartleaf Asset Management LLC raised its holdings in Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after acquiring an additional 335 shares during the period. Cullen Frost Bankers Inc. lifted its position in shares of 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 acquiring an additional 1,000 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of 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 acquiring an additional 940 shares in the last quarter. Finally, SRS Capital Advisors Inc. boosted its holdings in shares of Ovintiv by 4,132.3% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,312 shares of the company’s stock worth $53,000 after acquiring an additional 1,281 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $39.07 on Friday. The business’s 50-day moving average price is $42.35 and its 200-day moving average price is $41.99. The firm has a market capitalization of $10.17 billion, a PE ratio of 5.18 and a beta of 2.04. Ovintiv Inc. has a 12 month low of $36.62 and a 12 month high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.30 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.07%. Ovintiv’s payout ratio is 28.57%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on OVV. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Morgan Stanley reiterated an “overweight” rating and set a $57.00 price target on shares of Ovintiv in a research report on Wednesday, March 26th. JPMorgan Chase & Co. cut their price objective on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Williams Trading set a $58.00 target price on shares of Ovintiv in a research note on Wednesday, March 5th. Finally, Mizuho reduced their price target on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price 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.