Canandaigua National Trust Co of Florida Decreases Stock Position in Ovintiv Inc. (NYSE:OVV)

Canandaigua National Trust Co of Florida cut its stake in Ovintiv Inc. (NYSE:OVV) by 63.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,186 shares of the company’s stock after selling 12,477 shares during the period. Canandaigua National Trust Co of Florida’s holdings in Ovintiv were worth $291,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pacer Advisors Inc. increased its position 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 worth $250,687,000 after purchasing an additional 6,486,159 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Ovintiv by 114.9% during 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. increased its position in shares of Ovintiv by 7,422.1% during the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock worth $52,064,000 after purchasing an additional 1,340,947 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in shares of Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after purchasing an additional 1,207,610 shares in the last quarter. Finally, SIR Capital Management L.P. acquired a new stake in shares of Ovintiv during the second quarter worth about $22,732,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on OVV shares. JPMorgan Chase & Co. cut their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Citigroup dropped their price target on Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. UBS Group dropped their price target on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research report on Monday, December 9th. Finally, Scotiabank boosted their price target on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.59.

Ovintiv Price Performance

Shares of NYSE:OVV traded down $0.41 during trading on Monday, hitting $41.38. 2,996,734 shares of the stock were exchanged, compared to its average volume of 2,193,008. The company has a fifty day moving average price of $41.70 and a two-hundred day moving average price of $42.66. The company has a market cap of $10.77 billion, a PE ratio of 5.49 and a beta of 2.63. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid 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 was Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is 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.