Canandaigua National Trust Co of Florida Trims Holdings in Ovintiv Inc. (NYSE:OVV)

Canandaigua National Trust Co of Florida cut its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 63.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,186 shares of the company's stock after selling 12,477 shares during the quarter. Canandaigua National Trust Co of Florida's holdings in Ovintiv were worth $291,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in OVV. TD Asset Management Inc grew its stake in shares of Ovintiv by 1.7% during the 2nd quarter. TD Asset Management Inc now owns 41,572 shares of the company's stock valued at $1,948,000 after acquiring an additional 708 shares during the period. Victory Capital Management Inc. grew its stake in shares of Ovintiv by 34.3% during the 2nd quarter. Victory Capital Management Inc. now owns 823,488 shares of the company's stock valued at $38,597,000 after acquiring an additional 210,401 shares during the period. Arizona State Retirement System grew its stake in shares of Ovintiv by 3.6% during the 2nd quarter. Arizona State Retirement System now owns 73,880 shares of the company's stock valued at $3,463,000 after acquiring an additional 2,572 shares during the period. Savant Capital LLC boosted its stake in Ovintiv by 2.3% in the 2nd quarter. Savant Capital LLC now owns 29,282 shares of the company's stock worth $1,372,000 after purchasing an additional 650 shares during the period. Finally, Acadian Asset Management LLC boosted its stake in Ovintiv by 478.2% in the 2nd quarter. Acadian Asset Management LLC now owns 46,617 shares of the company's stock worth $2,184,000 after purchasing an additional 38,554 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Trading Down 1.0 %

NYSE:OVV traded down $0.41 during midday trading on Monday, hitting $41.38. 3,006,350 shares of the company traded hands, compared to its average volume of 2,200,083. The firm's fifty day moving average is $41.75 and its 200-day moving average is $42.62. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95. The firm has a market capitalization of $10.77 billion, a P/E ratio of 5.49 and a beta of 2.63. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.20 annualized dividend and a yield of 2.90%. Ovintiv's payout ratio is presently 15.92%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Truist Financial upped their price target on Ovintiv from $57.00 to $59.00 and gave the stock a "buy" rating in a research note on Friday, November 15th. Wells Fargo & Company dropped their price target on Ovintiv from $48.00 to $42.00 and set an "equal weight" rating for the company in a research note on Tuesday, December 17th. Evercore ISI dropped their price target on Ovintiv from $60.00 to $54.00 and set an "outperform" rating for the company in a research note on Monday, September 30th. Barclays upped their price target on Ovintiv from $53.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. Finally, Morgan Stanley dropped their price target on Ovintiv from $53.00 to $51.00 and set an "equal weight" rating for the company in a research note on Monday, September 16th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $56.59.

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.