Ovintiv (NYSE:OVV) Shares Down 13.7% – Should You Sell?

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on OVV. UBS Group reduced their target price on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Barclays upped their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. lowered their target price on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Wells Fargo & Company increased their price target on Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 20th. Finally, Mizuho lowered their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $57.17.

Ovintiv Trading Down 15.8 %

The stock has a market capitalization of $8.57 billion, a PE ratio of 4.36 and a beta of 2.04. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The business’s 50-day moving average is $42.11 and its two-hundred day moving average is $41.96.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.65%. The ex-dividend date was Friday, March 14th. Ovintiv’s payout ratio is 28.57%.

Institutional Investors Weigh In On Ovintiv

Several hedge funds have recently modified their holdings of OVV. HighTower Advisors LLC lifted its position in shares of Ovintiv by 17.5% during the third quarter. HighTower Advisors LLC now owns 15,456 shares of the company’s stock worth $591,000 after purchasing an additional 2,303 shares in the last quarter. Investment Management Corp of Ontario lifted its holdings in Ovintiv by 46.1% in the 3rd quarter. Investment Management Corp of Ontario now owns 8,870 shares of the company’s stock worth $340,000 after buying an additional 2,800 shares in the last quarter. Redwood Investment Management LLC lifted its holdings in Ovintiv by 4.2% in the 3rd quarter. Redwood Investment Management LLC now owns 30,486 shares of the company’s stock worth $1,170,000 after buying an additional 1,218 shares in the last quarter. Stifel Financial Corp boosted its position in Ovintiv by 1.6% in the 3rd quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock valued at $781,000 after buying an additional 322 shares during the last quarter. Finally, Two Sigma Advisers LP grew its stake in shares of Ovintiv by 26.1% during the third quarter. Two Sigma Advisers LP now owns 1,272,750 shares of the company’s stock valued at $48,759,000 after acquiring an additional 263,500 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

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.