Ovintiv (NYSE:OVV) Trading Down 13.7% – Time to Sell?

Ovintiv Inc. (NYSE:OVV)’s stock price traded down 13.7% during mid-day trading on Friday . The company traded as low as $34.67 and last traded at $33.70. 724,105 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 3,060,258 shares. The stock had previously closed at $39.05.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Barclays raised their price target on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Truist Financial lifted their price target 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. Morgan Stanley restated an “overweight” rating and set a $57.00 price objective on shares of Ovintiv in a report on Wednesday, March 26th. UBS Group lowered their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a report on Monday, December 9th. Finally, Williams Trading set a $58.00 price target on Ovintiv in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Ovintiv presently has a consensus rating of “Buy” and a consensus price target of $57.17.

Ovintiv Stock Performance

The company has a market capitalization of $8.71 billion, a P/E ratio of 4.45 and a beta of 2.04. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock’s fifty day moving average price is $42.35 and its 200-day moving average price is $41.99.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.59%. The ex-dividend date of this dividend was Friday, March 14th. Ovintiv’s payout ratio is 28.57%.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently modified their holdings of OVV. Nisa Investment Advisors LLC raised its stake in Ovintiv by 0.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock worth $2,647,000 after purchasing an additional 231 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Ovintiv by 2.8% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock worth $412,000 after purchasing an additional 276 shares during the period. Fifth Third Bancorp boosted its stake in shares of Ovintiv by 13.4% in the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock valued at $97,000 after buying an additional 282 shares during the period. Daiwa Securities Group Inc. grew its position in Ovintiv by 1.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock worth $830,000 after buying an additional 300 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in Ovintiv by 0.4% during the 4th quarter. Bessemer Group Inc. now owns 70,053 shares of the company’s stock worth $2,837,000 after acquiring an additional 310 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.