Ovintiv (NYSE:OVV) Hits New 1-Year Low – Here’s What Happened

Ovintiv Inc. (NYSE:OVV)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $36.62 and last traded at $38.26, with a volume of 4814177 shares trading hands. The stock had previously closed at $38.92.

Wall Street Analysts Forecast Growth

OVV has been the topic of several recent analyst reports. UBS Group cut their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Barclays raised their target price on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Scotiabank raised their target price on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research note on Monday, November 18th. Wells Fargo & Company cut their target price on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 17th. Finally, National Bankshares raised their target price on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and an average target price of $56.88.

Ovintiv Stock Performance

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 business has a 50-day moving average price of $43.06 and a 200 day moving average price of $42.05. The stock has a market capitalization of $9.96 billion, a P/E ratio of 5.07 and a beta of 2.55.

Ovintiv Announces Dividend

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

Institutional Trading of Ovintiv

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Ovintiv by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock worth $1,193,272,000 after purchasing an additional 451,947 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its position in Ovintiv by 17.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after acquiring an additional 1,207,610 shares in the last quarter. Pacer Advisors Inc. lifted its position in Ovintiv by 11,282.4% in the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after acquiring an additional 6,486,159 shares in the last quarter. Smead Capital Management Inc. lifted its position in Ovintiv by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock valued at $241,476,000 after acquiring an additional 212,535 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Ovintiv by 14.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company’s stock valued at $225,265,000 after acquiring an additional 683,700 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

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.