Ovintiv (NYSE:OVV) Stock Price Down 13.7% - Should You Sell?

Ovintiv Inc. (NYSE:OVV - Get Free Report)'s share price fell 13.7% during trading on Friday . The company traded as low as $34.67 and last traded at $33.70. 724,105 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 3,060,258 shares. The stock had previously closed at $39.05.

Wall Street Analysts Forecast Growth

OVV has been the subject of several recent analyst reports. Bank of America upgraded Ovintiv from a "neutral" rating to a "buy" rating and decreased their target price for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Barclays increased their price objective on Ovintiv from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and increased their price target for the company from $55.00 to $57.00 in a report on Monday, March 24th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $57.17.

Remove Ads

Ovintiv Price Performance

The company has a 50-day moving average of $41.37 and a 200 day moving average of $41.78. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a market cap of $9.38 billion, a P/E ratio of 4.78 and a beta of 2.04.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $0.30 per share. The ex-dividend date was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.33%. Ovintiv's payout ratio is presently 28.57%.

Institutional Investors Weigh In On Ovintiv

Several large investors have recently made changes to their positions in the company. HighTower Advisors LLC boosted its position in Ovintiv by 17.5% in the third quarter. HighTower Advisors LLC now owns 15,456 shares of the company's stock valued at $591,000 after buying an additional 2,303 shares in the last quarter. Stifel Financial Corp raised its stake in shares of Ovintiv by 1.6% in the third quarter. Stifel Financial Corp now owns 20,385 shares of the company's stock valued at $781,000 after acquiring an additional 322 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in shares of Ovintiv in the 3rd quarter worth approximately $214,000. National Bank of Canada FI grew its position in Ovintiv by 505.0% during the 3rd quarter. National Bank of Canada FI now owns 108,017 shares of the company's stock worth $4,138,000 after acquiring an additional 90,163 shares during the last quarter. Finally, Orion Portfolio Solutions LLC increased its holdings in Ovintiv by 5.6% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 42,304 shares of the company's stock valued at $1,621,000 after purchasing an additional 2,244 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

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.