Ovintiv (NYSE:OVV) Sets New 1-Year Low - Here's Why

Shares of Ovintiv Inc. (NYSE:OVV - Get Free Report) reached a new 52-week low on Thursday . The stock traded as low as $29.80 and last traded at $36.01, with a volume of 6331766 shares. The stock had previously closed at $31.18.

Analyst Ratings Changes

OVV has been the subject of a number of research reports. Morgan Stanley reaffirmed an "overweight" rating and set a $57.00 price target on shares of Ovintiv in a research note on Wednesday, March 26th. National Bankshares raised their target price on Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. JPMorgan Chase & Co. dropped their price objective on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Scotiabank upgraded Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Finally, Wells Fargo & Company increased their price objective on Ovintiv from $44.00 to $45.00 and gave the stock an "equal weight" rating in a report on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $56.47.

Ovintiv Price Performance

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 stock has a fifty day simple moving average of $40.45 and a 200-day simple moving average of $41.59. The stock has a market cap of $8.50 billion, a price-to-earnings ratio of 4.33 and a beta of 2.04.

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Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.68%. Ovintiv's payout ratio is 28.57%.

Institutional Trading of Ovintiv

Hedge funds have recently bought and sold shares of the stock. Colonial Trust Co SC bought a new stake in shares of Ovintiv in the fourth quarter valued at about $28,000. MassMutual Private Wealth & Trust FSB lifted its position in shares of Ovintiv by 100.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after acquiring an additional 360 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after purchasing an additional 335 shares in the last quarter. Mizuho Bank Ltd. bought a new stake in shares of Ovintiv during the fourth quarter valued at approximately $40,000. Finally, Optiver Holding B.V. acquired a new position in shares of Ovintiv in the fourth quarter valued at $40,000. 83.81% of the stock is owned by institutional investors.

About Ovintiv

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.