Jennison Associates LLC Invests $6.33 Million in Ovintiv Inc. (NYSE:OVV)

Jennison Associates LLC bought a new stake in Ovintiv Inc. (NYSE:OVVFree Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 122,050 shares of the company’s stock, valued at approximately $6,334,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of Ovintiv by 7.5% during the first quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock worth $165,000 after purchasing an additional 220 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Ovintiv by 20.5% during the fourth quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock worth $80,000 after purchasing an additional 284 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Ovintiv by 20.3% during the fourth quarter. Fifth Third Bancorp now owns 1,945 shares of the company’s stock worth $85,000 after purchasing an additional 328 shares in the last quarter. Quent Capital LLC lifted its position in shares of Ovintiv by 151.3% during the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after purchasing an additional 351 shares in the last quarter. Finally, Davis Investment Partners LLC lifted its position in shares of Ovintiv by 2.2% during the first quarter. Davis Investment Partners LLC now owns 19,552 shares of the company’s stock worth $1,086,000 after purchasing an additional 416 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on OVV shares. TD Cowen lifted their price target on shares of Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. The Goldman Sachs Group boosted their target price on shares of Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a research note on Tuesday, March 26th. UBS Group boosted their target price on shares of Ovintiv from $69.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Bank of America restated a “neutral” rating and set a $55.00 price target on shares of Ovintiv in a research report on Friday, June 14th. Finally, Citigroup upped their price target on shares of Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.65.

Check Out Our Latest Research Report on Ovintiv

Insider Buying and Selling at Ovintiv

In other news, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction on Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the transaction, the director now owns 45,279 shares in the company, valued at approximately $2,315,568.06. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the transaction, the director now directly owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the transaction, the director now directly owns 8,929 shares in the company, valued at $446,450. The disclosure for this sale can be found here. Insiders own 0.97% of the company’s stock.

Ovintiv Price Performance

Shares of OVV opened at $46.48 on Wednesday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.53. Ovintiv Inc. has a 1 year low of $37.18 and a 1 year high of $55.95. The stock has a market cap of $12.41 billion, a P/E ratio of 6.49 and a beta of 2.63. The stock’s 50-day moving average price is $48.44 and its two-hundred day moving average price is $47.73.

Ovintiv (NYSE:OVVGet Free Report) last released its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.12. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion. On average, equities analysts predict that Ovintiv Inc. will post 6.12 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a dividend of $0.30 per share. The ex-dividend date was Friday, June 14th. This represents a $1.20 annualized dividend and a yield of 2.58%. Ovintiv’s payout ratio is currently 16.76%.

About Ovintiv

(Free Report)

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.

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Institutional Ownership by Quarter for Ovintiv (NYSE:OVV)

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