Manning & Napier Advisors LLC Purchases Shares of 37,708 Ovintiv Inc. $OVV

Manning & Napier Advisors LLC purchased a new position in Ovintiv Inc. (NYSE:OVV) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 37,708 shares of the company’s stock, valued at approximately $2,238,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in shares of Ovintiv by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after buying an additional 1,669,469 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Ovintiv by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock valued at $387,601,000 after acquiring an additional 203,256 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Ovintiv by 14.5% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock worth $264,281,000 after acquiring an additional 855,043 shares during the period. Millennium Management LLC grew its holdings in shares of Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its holdings in shares of Ovintiv by 13.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock worth $214,060,000 after purchasing an additional 650,000 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Bank of America boosted their price objective on Ovintiv from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Barclays lifted their price target on shares of Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Truist Financial lowered their price target on shares of Ovintiv from $72.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, May 13th. TD Cowen increased their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th. Finally, Weiss Ratings downgraded shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a report 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 assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $64.37.

Ovintiv Stock Down 0.1%

Shares of NYSE OVV opened at $55.47 on Monday. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $63.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. The business has a fifty day moving average of $56.54 and a two-hundred day moving average of $51.81. The stock has a market cap of $15.59 billion, a PE ratio of 17.89 and a beta of 0.53.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.30 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.2%. Ovintiv’s payout ratio is 38.71%.

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.