Ovintiv Inc. (NYSE:OVV) Shares Sold by State Street Corp

State Street Corp lessened its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 0.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,539,098 shares of the company's stock after selling 94,605 shares during the quarter. State Street Corp owned 4.05% of Ovintiv worth $403,753,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. True Wealth Design LLC raised its position in shares of Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company's stock worth $25,000 after acquiring an additional 636 shares during the period. Innealta Capital LLC acquired a new position in Ovintiv in the 2nd quarter worth about $39,000. UMB Bank n.a. boosted its position in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock worth $50,000 after purchasing an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. acquired a new stake in Ovintiv in the third quarter valued at approximately $65,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Ovintiv in the second quarter valued at approximately $69,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Wall Street Analyst Weigh In

OVV has been the topic of a number of recent analyst reports. Morgan Stanley decreased their target price on Ovintiv from $53.00 to $51.00 and set an "equal weight" rating on the stock in a research report on Monday, September 16th. Citigroup decreased their price objective on shares of Ovintiv from $55.00 to $54.00 and set a "buy" rating on the stock in a report on Tuesday, November 26th. JPMorgan Chase & Co. cut their target price on shares of Ovintiv from $60.00 to $51.00 and set an "overweight" rating for the company in a research note on Thursday, September 12th. Mizuho decreased their price target on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 9th. Finally, Barclays boosted their price objective on Ovintiv from $53.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Ovintiv has an average rating of "Moderate Buy" and a consensus target price of $56.47.

Ovintiv Price Performance

Shares of OVV remained flat at $41.35 during mid-day trading on Tuesday. 3,318,253 shares of the company were exchanged, compared to its average volume of 3,074,345. 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 company has a 50-day moving average of $42.38 and a two-hundred day moving average of $43.76. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95. The stock has a market capitalization of $10.76 billion, a price-to-earnings ratio of 5.55 and a beta of 2.63.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.90%. The ex-dividend date is Friday, December 13th. Ovintiv's payout ratio is presently 15.92%.

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.