Ovintiv (NYSE:OVV) Shares Down 13.7% – Here’s Why

Ovintiv Inc. (NYSE:OVV) traded down 13.7% during mid-day trading on Friday . The stock 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

A number of analysts have recently commented on OVV shares. Morgan Stanley reiterated an “overweight” rating and set a $57.00 target price on shares of Ovintiv in a research report on Wednesday, March 26th. Wells Fargo & Company increased their price objective on Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a report on Wednesday, March 19th. 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 report on Thursday, January 30th. Finally, Bank of America raised shares of Ovintiv from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Ovintiv presently has an average rating of “Buy” and a consensus price target of $57.17.

Ovintiv Price Performance

The stock has a market cap of $8.57 billion, a price-to-earnings ratio of 4.36 and a beta of 2.04. The company’s 50 day moving average is $42.11 and its 200 day moving average is $41.96. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend was Friday, March 14th. Ovintiv’s dividend payout ratio (DPR) is 28.57%.

Institutional Trading of Ovintiv

Institutional investors have recently bought and sold shares of the company. Colonial Trust Co SC acquired a new position in shares of Ovintiv during the 4th quarter worth $28,000. MassMutual Private Wealth & Trust FSB raised its position in Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after acquiring an additional 360 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after purchasing an additional 335 shares in the last quarter. Mizuho Bank Ltd. acquired a new stake in shares of Ovintiv in the fourth quarter valued at approximately $40,000. Finally, Optiver Holding B.V. purchased a new position in shares of Ovintiv during the 4th quarter worth approximately $40,000. 83.81% of the stock is currently 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.