Ovintiv (NYSE:OVV) Stock Price Down 5.6% - Time to Sell?

Ovintiv Inc. (NYSE:OVV - Get Free Report)'s share price was down 5.6% during mid-day trading on Wednesday . The company traded as low as $42.81 and last traded at $42.84. Approximately 1,512,744 shares traded hands during trading, a decline of 39% from the average daily volume of 2,475,808 shares. The stock had previously closed at $45.40.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on OVV shares. Barclays upped their price target on shares of Ovintiv from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Bank of America upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and cut their price objective for the company from $55.00 to $54.00 in a research report on Monday, January 13th. UBS Group cut their price objective on shares of Ovintiv from $59.00 to $56.00 and set a "buy" rating on the stock in a research report on Monday, December 9th. Scotiabank boosted their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the company a "sector outperform" rating in a research report on Monday, November 18th. Finally, Truist Financial boosted their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Four equities 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 company presently has an average rating of "Moderate Buy" and an average price target of $56.88.

Ovintiv Trading Up 2.0 %

The stock's 50 day moving average is $42.27 and its two-hundred day moving average is $42.05. The company has a market capitalization of $11.49 billion, a PE ratio of 5.86 and a beta of 2.60. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Institutional Trading of Ovintiv

A number of hedge funds have recently added to or reduced their stakes in OVV. Pacer Advisors Inc. lifted its position in shares of Ovintiv by 11,282.4% during the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company's stock valued at $250,687,000 after buying an additional 6,486,159 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Ovintiv by 1,732.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock valued at $137,134,000 after buying an additional 3,203,087 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Ovintiv by 1,577.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock valued at $99,587,000 after buying an additional 2,312,292 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Ovintiv by 69.7% during the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock valued at $132,992,000 after buying an additional 1,348,221 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of 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 buying an additional 1,340,947 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

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.