Ovintiv Inc. (NYSE:OVV) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 25.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 659,141 shares of the company's stock after selling 223,498 shares during the period. Principal Financial Group Inc. owned 0.25% of Ovintiv worth $25,252,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. increased its holdings in shares of Ovintiv by 11,282.4% in the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company's stock valued at $250,687,000 after acquiring an additional 6,486,159 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company's stock worth $141,889,000 after purchasing an additional 1,618,556 shares during the period. Assenagon Asset Management S.A. increased its stake in Ovintiv by 7,422.1% during the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company's stock valued at $52,064,000 after purchasing an additional 1,340,947 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company's stock valued at $314,623,000 after purchasing an additional 1,207,610 shares during the last quarter. Finally, SIR Capital Management L.P. acquired a new stake in shares of Ovintiv during the second quarter worth $22,732,000. 83.81% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Ovintiv from $60.00 to $51.00 and set an "overweight" rating for the company in a research report on Thursday, September 12th. Mizuho lowered 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. UBS Group cut 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. Morgan Stanley lowered their price objective 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. Finally, Wells Fargo & Company dropped their target price on Ovintiv from $48.00 to $42.00 and set an "equal weight" rating on the stock in a research report on Tuesday, December 17th. 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $56.59.

Ovintiv Price Performance

NYSE:OVV traded down $0.07 during midday trading on Thursday, hitting $38.69. 1,462,872 shares of the stock were exchanged, compared to its average volume of 3,075,785. 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 company has a market capitalization of $10.07 billion, a price-to-earnings ratio of 5.13 and a beta of 2.63. The business has a 50-day moving average price of $41.67 and a two-hundred day moving average price of $42.99. Ovintiv Inc. has a one year low of $36.90 and a one year high of $55.95.

Ovintiv Dividend Announcement

The firm 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. This represents a $1.20 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date 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.