Ovintiv (NYSE:OVV) Trading Down 4.8% – Time to Sell?

Ovintiv Inc. (NYSE:OVV)’s share price traded down 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 mid-day 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

A number of equities research analysts have commented on OVV shares. Scotiabank raised their price objective on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research report on Monday, November 18th. UBS Group decreased their price target on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a report on Monday, December 9th. Truist Financial upped their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Mizuho decreased their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Finally, Barclays upped their price target 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. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus price target of $56.88.

Ovintiv Price Performance

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 company has a market capitalization of $9.94 billion, a P/E ratio of 5.05 and a beta of 2.55. The stock’s fifty day simple moving average is $43.07 and its 200-day simple moving average is $42.07.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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 annualized dividend and a dividend yield of 3.14%. Ovintiv’s payout ratio is 28.57%.

Hedge Funds Weigh In On Ovintiv

Large investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC raised its stake in shares of Ovintiv by 26.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,256 shares of the company’s stock valued at $508,000 after purchasing an additional 2,786 shares in the last quarter. State of Alaska Department of Revenue lifted its position in shares of Ovintiv by 11.9% during the third quarter. State of Alaska Department of Revenue now owns 30,670 shares of the company’s stock worth $1,174,000 after purchasing an additional 3,260 shares in the last quarter. US Bancorp DE raised its holdings in Ovintiv by 13.9% during the 3rd quarter. US Bancorp DE now owns 9,890 shares of the company’s stock worth $379,000 after purchasing an additional 1,209 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in Ovintiv by 7.3% during the 3rd quarter. Janney Montgomery Scott LLC now owns 29,959 shares of the company’s stock worth $1,148,000 after acquiring an additional 2,051 shares during the period. Finally, Asset Management One Co. Ltd. lifted its stake in Ovintiv by 13.7% in the third quarter. Asset Management One Co. Ltd. now owns 98,804 shares of the company’s stock valued at $3,785,000 after buying an additional 11,939 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.