Aigen Investment Management LP Decreases Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Aigen Investment Management LP lowered its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 35.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 29,756 shares of the company's stock after selling 16,151 shares during the period. Aigen Investment Management LP's holdings in Ovintiv were worth $1,140,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. UMB Bank n.a. boosted its position in Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock valued at $50,000 after buying an additional 286 shares during the period. Covestor Ltd boosted its position in Ovintiv by 23.1% in the 1st quarter. Covestor Ltd now owns 1,559 shares of the company's stock valued at $81,000 after buying an additional 293 shares during the period. Blue Trust Inc. boosted its position in Ovintiv by 24.0% in the 2nd quarter. Blue Trust Inc. now owns 1,793 shares of the company's stock valued at $93,000 after buying an additional 347 shares during the period. Cetera Investment Advisers boosted its position in Ovintiv by 1.0% in the 2nd quarter. Cetera Investment Advisers now owns 37,466 shares of the company's stock valued at $1,756,000 after buying an additional 353 shares during the period. Finally, Signaturefd LLC boosted its position in Ovintiv by 2.1% in the 2nd quarter. Signaturefd LLC now owns 18,288 shares of the company's stock valued at $857,000 after buying an additional 376 shares during the period. Hedge funds and other institutional investors own 83.81% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Wolfe Research assumed coverage on shares of Ovintiv in a research report on Thursday, July 18th. They set an "outperform" rating and a $65.00 price objective for the company. Morgan Stanley decreased their price objective 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. Evercore ISI decreased their price objective on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating for the company in a research report on Monday, September 30th. Citigroup cut their price target on shares of Ovintiv from $58.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, October 7th. Finally, Mizuho cut their price target on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 9th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $57.00.

Ovintiv Stock Performance

NYSE OVV traded up $0.25 during trading on Wednesday, reaching $42.22. The company's stock had a trading volume of 2,973,670 shares, compared to its average volume of 3,068,870. The firm has a market cap of $10.99 billion, a price-to-earnings ratio of 5.47, a P/E/G ratio of 7.60 and a beta of 2.62. The business's fifty day moving average price is $40.53 and its 200-day moving average price is $44.58. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.84%. 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.