iA Global Asset Management Inc. Buys Shares of 26,322 Ovintiv Inc. $OVV

iA Global Asset Management Inc. purchased a new stake in Ovintiv Inc. (NYSE:OVV) during the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 26,322 shares of the company’s stock, valued at approximately $1,562,000.

A number of other institutional investors also recently modified their holdings of OVV. BCS Private Wealth Management Inc. acquired a new position in Ovintiv during the fourth quarter worth about $976,000. UBS Group AG lifted its holdings in shares of Ovintiv by 8.3% in the fourth quarter. UBS Group AG now owns 997,177 shares of the company’s stock worth $39,079,000 after acquiring an additional 76,846 shares during the last quarter. Dynamic Technology Lab Private Ltd boosted its stake in shares of Ovintiv by 670.2% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 44,972 shares of the company’s stock valued at $1,816,000 after purchasing an additional 39,133 shares in the last quarter. TrueMark Investments LLC acquired a new stake in shares of Ovintiv in the 4th quarter valued at approximately $889,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Ovintiv in the 4th quarter valued at approximately $5,045,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Performance

NYSE:OVV opened at $52.93 on Friday. The stock has a market cap of $14.87 billion, a P/E ratio of 17.07 and a beta of 0.53. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. The stock’s 50-day moving average is $56.87 and its 200-day moving average is $51.11. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $63.46.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.30 per share. The ex-dividend date was Monday, June 15th. This represents a $1.20 annualized dividend and a yield of 2.3%. Ovintiv’s dividend payout ratio (DPR) is currently 38.71%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on OVV shares. TD Cowen upped their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, March 17th. UBS Group cut their target price on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, April 9th. Royal Bank Of Canada set a $70.00 target price on shares of Ovintiv and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Weiss Ratings downgraded shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a report on Tuesday, May 12th. Finally, National Bank Financial increased their price target on Ovintiv from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.32.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.