Bridgewater Associates LP Sells 40,379 Shares of Ovintiv Inc. (NYSE:OVV)

Bridgewater Associates LP reduced its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 14.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 236,516 shares of the company's stock after selling 40,379 shares during the period. Bridgewater Associates LP owned 0.09% of Ovintiv worth $9,061,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of OVV. Townsquare Capital LLC boosted its position in shares of Ovintiv by 97.6% in the 3rd quarter. Townsquare Capital LLC now owns 8,814 shares of the company's stock worth $338,000 after purchasing an additional 4,354 shares in the last quarter. Transamerica Financial Advisors Inc. purchased a new stake in Ovintiv during the third quarter valued at approximately $65,000. Quantbot Technologies LP raised its position in Ovintiv by 185.5% in the third quarter. Quantbot Technologies LP now owns 89,040 shares of the company's stock worth $3,411,000 after acquiring an additional 57,848 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Ovintiv by 1.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 233,428 shares of the company's stock worth $8,943,000 after acquiring an additional 2,889 shares during the last quarter. Finally, Bank of Montreal Can grew its position in shares of Ovintiv by 57.8% during the 3rd quarter. Bank of Montreal Can now owns 328,361 shares of the company's stock valued at $12,599,000 after acquiring an additional 120,235 shares during the period. Institutional investors own 83.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on OVV. Morgan Stanley decreased their target price on Ovintiv from $53.00 to $51.00 and set an "equal weight" rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. decreased their price objective on Ovintiv from $60.00 to $51.00 and set an "overweight" rating on the stock in a research note on Thursday, September 12th. Citigroup cut their price objective on Ovintiv from $55.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday. Siebert Williams Shank raised shares of Ovintiv to a "strong-buy" rating in a report on Tuesday, October 15th. Finally, UBS Group lifted their price target on shares of Ovintiv from $57.00 to $59.00 and gave the company a "buy" rating in a report on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $56.65.

Ovintiv Price Performance

Shares of Ovintiv stock traded down $0.07 during trading on Friday, reaching $45.42. 1,158,304 shares of the stock traded hands, compared to its average volume of 3,077,020. Ovintiv Inc. has a 52-week low of $36.90 and a 52-week 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 has a fifty day simple moving average of $41.94 and a two-hundred day simple moving average of $44.12. The company has a market capitalization of $11.82 billion, a price-to-earnings ratio of 6.02 and a beta of 2.62.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv's payout ratio is 15.92%.

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.