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

Shares of Ovintiv Inc. (NYSE:OVV) traded down 4.8% on Wednesday . The company traded as low as $37.22 and last traded at $37.03. 712,106 shares were traded during trading, a decline of 73% from the average session volume of 2,642,508 shares. The stock had previously closed at $38.92.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on OVV shares. National Bankshares increased their price target on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Wells Fargo & Company cut their target price on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 17th. Mizuho decreased their price target on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. UBS Group cut their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Finally, Citigroup reduced their price objective on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and an average price target of $56.88.

Ovintiv Trading Down 1.9 %

The firm’s 50-day simple moving average is $43.07 and its 200 day simple moving average is $42.07. 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 firm has a market capitalization of $9.94 billion, a price-to-earnings ratio of 5.05 and a beta of 2.55.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.14%. Ovintiv’s dividend payout ratio is currently 28.57%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of OVV. True Wealth Design LLC lifted 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 position in shares of Ovintiv in the fourth quarter valued at approximately $28,000. MassMutual Private Wealth & Trust FSB raised its holdings in Ovintiv by 100.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after buying an additional 360 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after buying an additional 335 shares during the period. Finally, Mizuho Bank Ltd. bought a new stake in Ovintiv during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.