Principal Financial Group Inc. Has $25.25 Million Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Principal Financial Group Inc. trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 25.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 659,141 shares of the company's stock after selling 223,498 shares during the period. Principal Financial Group Inc. owned about 0.25% of Ovintiv worth $25,252,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of OVV. AQR Capital Management LLC lifted its position in shares of Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company's stock worth $141,889,000 after purchasing an additional 1,618,556 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Ovintiv by 7,422.1% during the 3rd 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 period. Vanguard Group Inc. boosted its stake in shares of Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company's stock valued at $1,456,072,000 after buying an additional 1,024,931 shares during the period. SIR Capital Management L.P. purchased a new position in shares of Ovintiv during the 2nd quarter valued at $22,732,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Ovintiv by 338.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 445,187 shares of the company's stock worth $20,866,000 after acquiring an additional 343,709 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OVV has been the topic of a number of recent research reports. Wolfe Research started coverage on Ovintiv in a research note on Thursday, July 18th. They issued an "outperform" rating and a $65.00 target price on the stock. Royal Bank of Canada dropped their price objective on Ovintiv from $62.00 to $61.00 and set a "sector perform" rating on the stock in a report on Thursday, August 1st. Mizuho reduced their target price on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research note on Wednesday, October 9th. Truist Financial dropped their price target on shares of Ovintiv from $62.00 to $47.00 and set a "buy" rating on the stock in a research note on Monday, September 30th. Finally, Evercore ISI cut their price target on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a report on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $57.00.

Ovintiv Stock Performance

OVV stock traded up $0.40 during trading on Wednesday, reaching $42.37. 1,775,045 shares of the stock were exchanged, compared to its average volume of 3,063,422. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95. 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 company has a market capitalization of $11.03 billion, a P/E ratio of 5.47, a price-to-earnings-growth ratio of 7.60 and a beta of 2.62. The stock has a 50 day simple moving average of $40.53 and a 200-day simple moving average of $44.58.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.83%. The ex-dividend date is Friday, December 13th. Ovintiv's payout ratio is presently 15.92%.

Ovintiv 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.