Canandaigua National Bank & Trust Co. Cuts Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Canandaigua National Bank & Trust Co. lowered its position in Ovintiv Inc. (NYSE:OVV) by 77.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 7,022 shares of the company’s stock after selling 23,679 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Ovintiv were worth $284,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in OVV. Raymond James & Associates increased its stake in 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 last quarter. Quarry LP grew its holdings in shares of Ovintiv by 89.1% in the second quarter. Quarry LP now owns 40,902 shares of the company’s stock valued at $1,917,000 after acquiring an additional 19,272 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Ovintiv by 16.0% during the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after acquiring an additional 37,341 shares during the last quarter. Smead Capital Management Inc. lifted its holdings in Ovintiv by 3.5% during the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after acquiring an additional 212,535 shares during the period. Finally, Retirement Systems of Alabama boosted its position in Ovintiv by 4.4% in the third quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock worth $12,288,000 after purchasing an additional 13,536 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Citigroup decreased their target price on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Truist Financial lifted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Mizuho reduced their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Finally, Wells Fargo & Company reduced their price objective on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and an average price target of $56.59.

Ovintiv Trading Down 1.0 %

Shares of Ovintiv stock opened at $41.38 on Tuesday. The company’s 50-day moving average price is $41.75 and its 200-day moving average price is $42.62. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95. The company has a market cap of $10.77 billion, a price-to-earnings ratio of 5.49 and a beta of 2.63.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend was Friday, December 13th. Ovintiv’s payout ratio is 15.92%.

Ovintiv 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.