Ovintiv (NYSE:OVV) Hits New 1-Year Low – Here’s What Happened

Ovintiv Inc. (NYSE:OVV)’s stock price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $36.62 and last traded at $38.26, with a volume of 4814177 shares traded. The stock had previously closed at $38.92.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on OVV shares. Citigroup dropped their target price on Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Scotiabank increased their target price on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research report on Monday, November 18th. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. National Bankshares increased 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. Finally, Mizuho lowered their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price of $56.88.

Ovintiv Trading Down 1.7 %

The firm has a market cap of $9.96 billion, a P/E ratio of 5.07 and a beta of 2.55. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a 50 day moving average of $43.06 and a 200 day moving average of $42.05.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 3.14%. Ovintiv’s dividend payout ratio is presently 28.57%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its stake 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 grew its stake 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 grew its stake 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. Alyeska Investment Group L.P. grew its stake in shares of Ovintiv by 243.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company’s stock valued at $103,870,000 after buying an additional 1,818,337 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake 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. Institutional investors own 83.81% of the company’s stock.

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.