Corebridge Financial Inc. Sells 17,661 Shares of Ovintiv Inc. (NYSE:OVV)

Corebridge Financial Inc. lowered its stake in shares of Ovintiv Inc. (NYSE:OVV) by 5.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 294,585 shares of the company’s stock after selling 17,661 shares during the quarter. Corebridge Financial Inc.’s holdings in Ovintiv were worth $11,931,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Pathstone Holdings LLC increased its stake in shares of Ovintiv by 82.2% during the 3rd quarter. Pathstone Holdings LLC now owns 41,645 shares of the company’s stock worth $1,595,000 after purchasing an additional 18,783 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Ovintiv during the third quarter valued at $215,000. Advisors Asset Management Inc. increased its position in Ovintiv by 88.3% in the third quarter. Advisors Asset Management Inc. now owns 11,337 shares of the company’s stock worth $434,000 after buying an additional 5,315 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Ovintiv by 7.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company’s stock valued at $71,587,000 after buying an additional 133,192 shares during the period. Finally, Citigroup Inc. lifted its position in shares of Ovintiv by 3.5% during the 3rd quarter. Citigroup Inc. now owns 450,565 shares of the company’s stock valued at $17,261,000 after buying an additional 15,066 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

OVV stock opened at $43.77 on Wednesday. The firm has a 50 day simple moving average of $42.75 and a two-hundred day simple moving average of $41.84. The stock has a market cap of $11.40 billion, a PE ratio of 5.81 and a beta of 2.55. Ovintiv Inc. has a one year low of $36.62 and a one year high of $55.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.30 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.74%. Ovintiv’s dividend payout ratio is presently 28.57%.

Analyst Ratings Changes

Several brokerages recently weighed in on OVV. Citigroup decreased their price objective on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Barclays lifted their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. UBS Group dropped their price target on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $55.00 to $57.00 in a research note on Monday. Finally, Mizuho dropped their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus price target of $56.79.

Ovintiv Company Profile

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.