Ovintiv (NYSE:OVV) Trading Down 4.8% – Here’s Why

Ovintiv Inc. (NYSE:OVV)’s share price fell 4.8% during mid-day trading on Wednesday . The stock traded as low as $37.22 and last traded at $37.03. 712,106 shares traded hands during trading, a decline of 73% from the average session volume of 2,642,508 shares. The stock had previously closed at $38.92.

Analysts Set New Price Targets

OVV has been the subject of a number of research reports. Barclays boosted their target price on shares of Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. UBS Group decreased their price objective on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a report on Monday, December 9th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $55.00 to $54.00 in a report on Monday, January 13th. Mizuho decreased their price target on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Finally, National Bankshares upped their price objective on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $56.88.

Ovintiv Stock Up 1.5 %

The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The business’s 50 day moving average price is $43.04 and its 200 day moving average price is $42.02. The firm has a market cap of $10.03 billion, a PE ratio of 5.11 and a beta of 2.55.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 3.11%. Ovintiv’s dividend payout ratio (DPR) is currently 28.57%.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently made changes to their positions in the company. True Wealth Design LLC raised its stake in Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after purchasing an additional 636 shares during the last quarter. Colonial Trust Co SC acquired a new stake in shares of Ovintiv in the fourth quarter valued at about $28,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after buying an additional 360 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after buying an additional 335 shares in the last quarter. Finally, Optiver Holding B.V. acquired a new position in Ovintiv during the fourth quarter worth about $40,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

About Ovintiv

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.