Ovintiv Inc. (NYSE:OVV) Shares Sold by Fmr LLC

FMR LLC cut its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 8.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,237,599 shares of the company's stock after selling 1,834,353 shares during the period. FMR LLC owned 7.77% of Ovintiv worth $775,302,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Innealta Capital LLC purchased a new stake in shares of Ovintiv during the second quarter worth approximately $39,000. UMB Bank n.a. raised its position in 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 buying an additional 286 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Ovintiv during the 2nd quarter worth $69,000. Covestor Ltd lifted its stake in shares of Ovintiv by 43.9% in the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company's stock worth $70,000 after acquiring an additional 560 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Ovintiv by 24.0% in the second quarter. Blue Trust Inc. now owns 1,793 shares of the company's stock valued at $93,000 after acquiring an additional 347 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Siebert Williams Shank upgraded Ovintiv to a "strong-buy" rating in a research report on Tuesday, October 15th. Royal Bank of Canada decreased their price objective on shares of Ovintiv from $62.00 to $61.00 and set a "sector perform" rating on the stock in a report on Thursday, August 1st. Morgan Stanley reduced their price target on shares of Ovintiv from $53.00 to $51.00 and set an "equal weight" rating for the company in a research report on Monday, September 16th. UBS Group boosted their price target on Ovintiv from $57.00 to $59.00 and gave the stock a "buy" rating in a research note on Monday, November 18th. Finally, Wells Fargo & Company dropped their price objective on Ovintiv from $51.00 to $42.00 and set an "equal weight" rating for the company in a research note on Tuesday, October 1st. Five investment 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.65.

Ovintiv Trading Down 0.5 %

Shares of NYSE:OVV traded down $0.23 during midday trading on Thursday, reaching $45.49. The company's stock had a trading volume of 2,072,163 shares, compared to its average volume of 3,085,362. The firm has a market cap of $11.84 billion, a price-to-earnings ratio of 6.03 and a beta of 2.62. The business has a 50 day moving average price of $41.84 and a 200 day moving average price of $44.15. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Dividend Announcement

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