Ovintiv Inc. (NYSE:OVV) Shares Sold by NFJ Investment Group LLC

NFJ Investment Group LLC reduced its position in shares of Ovintiv Inc. (NYSE:OVV) by 2.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 791,827 shares of the company’s stock after selling 23,413 shares during the period. NFJ Investment Group LLC’s holdings in Ovintiv were worth $30,335,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Raymond James & Associates grew its stake in shares of Ovintiv by 1.2% in the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock valued at $7,529,000 after buying an additional 2,275 shares during the period. Quarry LP lifted its stake in Ovintiv by 89.1% during the second quarter. Quarry LP now owns 40,902 shares of the company’s stock worth $1,917,000 after purchasing an additional 19,272 shares in the last quarter. Wedge Capital Management L L P NC boosted its position in shares of Ovintiv by 25.0% during the second quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after buying an additional 106,900 shares during the period. Canandaigua National Bank & Trust Co. acquired a new stake in shares of Ovintiv in the second quarter valued at $1,441,000. Finally, Smead Capital Management Inc. raised its holdings in shares of Ovintiv by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock valued at $241,476,000 after buying an additional 212,535 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analyst Ratings Changes

OVV has been the subject of a number of research analyst reports. Mizuho lowered their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Evercore ISI lowered their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. Citigroup cut their target price on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Barclays raised their price target on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, UBS Group upped their price objective on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.65.

Ovintiv Stock Performance

NYSE OVV traded down $0.09 during trading hours on Tuesday, hitting $44.15. 172,912 shares of the stock were exchanged, compared to its average volume of 3,061,531. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market cap of $11.49 billion, a price-to-earnings ratio of 5.87 and a beta of 2.63. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95. The stock has a 50-day moving average of $41.94 and a 200 day moving average of $44.04.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.72%. Ovintiv’s dividend payout ratio is currently 15.92%.

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.