Fmr LLC Cuts Position in Ovintiv Inc. (NYSE:OVV)

Fmr LLC decreased its holdings in Ovintiv Inc. (NYSE:OVV) by 8.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 20,237,599 shares of the company’s stock after selling 1,834,353 shares during the quarter. Fmr LLC owned about 0.08% of Ovintiv worth $775,302,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Innealta Capital LLC purchased a new position in Ovintiv in the second quarter worth $39,000. UMB Bank n.a. raised its position in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after acquiring an additional 286 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Ovintiv in the second quarter worth $69,000. Blue Trust Inc. raised its position in Ovintiv by 24.0% in the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock worth $93,000 after acquiring an additional 347 shares in the last quarter. Finally, Covestor Ltd raised its position in Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after acquiring an additional 560 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on OVV shares. Evercore ISI cut their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Truist Financial raised their price target on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Barclays lifted their price objective on Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. dropped their price objective on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Finally, Royal Bank of Canada dropped their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research report on Thursday, August 1st. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.65.

Ovintiv Stock Performance

NYSE OVV opened at $45.49 on Thursday. The firm has a market capitalization of $11.84 billion, a P/E ratio of 6.03 and a beta of 2.62. Ovintiv Inc. has a 1-year low of $36.90 and a 1-year high of $55.95. 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 business’s 50-day simple moving average is $41.74 and its 200-day simple moving average is $44.14.

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 paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio is currently 15.92%.

About Ovintiv

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.