Ovintiv Inc. (NYSE:OVV) Stock Holdings Lessened by MQS Management LLC

MQS Management LLC cut its stake in shares of Ovintiv Inc. (NYSE:OVV) by 45.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,631 shares of the company’s stock after selling 6,242 shares during the period. MQS Management LLC’s holdings in Ovintiv were worth $292,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after acquiring an additional 1,024,931 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Ovintiv by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock valued at $180,194,000 after purchasing an additional 142,296 shares in the last quarter. AQR Capital Management LLC increased its stake in Ovintiv by 114.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after buying an additional 1,618,556 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Ovintiv by 7,422.1% during the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock worth $52,064,000 after acquiring an additional 1,340,947 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in Ovintiv by 42.6% during the third quarter. Victory Capital Management Inc. now owns 1,174,397 shares of the company’s stock valued at $44,991,000 after purchasing an additional 350,909 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on OVV. Citigroup dropped their target price on Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Evercore ISI cut their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Truist Financial decreased their target price on shares of Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a research report on Monday, September 30th. UBS Group cut their price target on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Ovintiv Stock Up 5.9 %

NYSE OVV opened at $44.72 on Friday. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95. 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 has a market cap of $11.64 billion, a PE ratio of 5.93, a PEG ratio of 7.60 and a beta of 2.62. The firm has a 50-day simple moving average of $40.56 and a 200 day simple moving average of $44.56.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio is presently 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.