Ovintiv (NYSE:OVV) Reaches New 12-Month Low - Time to Sell?

Ovintiv Inc. (NYSE:OVV - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $36.62 and last traded at $38.26, with a volume of 4814177 shares trading hands. The stock had previously closed at $38.92.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. National Bankshares upped their price target on shares of Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Barclays upped their target price on shares of Ovintiv from $57.00 to $59.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Citigroup dropped their price target on shares of Ovintiv from $55.00 to $54.00 and set a "buy" rating on the stock in a research note on Tuesday, November 26th. Scotiabank upped their price objective on Ovintiv from $50.00 to $53.00 and gave the stock a "sector outperform" rating in a research note on Monday, November 18th. Finally, Truist Financial lifted their target price on Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $56.88.

Ovintiv Price Performance

The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm's fifty day moving average price is $43.04 and its 200 day moving average price is $41.98. The stock has a market cap of $10.03 billion, a PE ratio of 5.11 and a beta of 2.55.

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Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv's payout ratio is currently 28.57%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Siemens Fonds Invest GmbH bought a new position in Ovintiv during the fourth quarter valued at approximately $1,348,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Ovintiv during the 4th quarter worth approximately $4,949,000. Jefferies Financial Group Inc. bought a new position in shares of Ovintiv during the 4th quarter valued at approximately $5,289,000. Mackenzie Financial Corp grew its holdings in shares of Ovintiv by 1.3% in the fourth quarter. Mackenzie Financial Corp now owns 546,450 shares of the company's stock valued at $22,112,000 after purchasing an additional 7,256 shares in the last quarter. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Ovintiv in the fourth quarter valued at $3,247,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

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.