Canandaigua National Bank & Trust Co. Lowers Stock Position in Ovintiv Inc. (NYSE:OVV)

Canandaigua National Bank & Trust Co. cut its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 77.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,022 shares of the company's stock after selling 23,679 shares during the period. Canandaigua National Bank & Trust Co.'s holdings in Ovintiv were worth $284,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in OVV. True Wealth Design LLC lifted its position in shares of Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company's stock worth $25,000 after buying an additional 636 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of Ovintiv by 27.7% during the 3rd 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. Transamerica Financial Advisors Inc. bought a new position in shares of Ovintiv during the 3rd quarter valued at approximately $65,000. Covestor Ltd grew its holdings in shares of Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company's stock valued at $70,000 after purchasing an additional 560 shares in the last quarter. Finally, Abich Financial Wealth Management LLC bought a new stake in Ovintiv in the third quarter worth $122,000. 83.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OVV has been the subject of a number of recent research reports. Siebert Williams Shank raised shares of Ovintiv to a "strong-buy" rating in a research note on Tuesday, October 15th. Barclays lifted their price target on Ovintiv from $53.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. Scotiabank upped their price objective on Ovintiv from $50.00 to $53.00 and gave the company a "sector outperform" rating in a research report on Monday, November 18th. Mizuho dropped their target price on Ovintiv from $63.00 to $60.00 and set an "outperform" rating for the company in a report on Monday, December 16th. Finally, UBS Group decreased their price target on Ovintiv from $59.00 to $56.00 and set a "buy" rating on the stock in a report on Monday, December 9th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.59.

Ovintiv Trading Up 1.0 %

OVV stock traded up $0.42 during mid-day trading on Tuesday, reaching $41.83. The company had a trading volume of 1,955,996 shares, compared to its average volume of 2,139,049. The company has a market capitalization of $10.89 billion, a PE ratio of 5.55 and a beta of 2.63. The firm has a 50 day moving average of $41.75 and a 200 day moving average of $42.62. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month 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.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Friday, December 13th. Ovintiv's dividend payout ratio is 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.