Ovintiv (NYSE:OVV) Stock Price Down 4.3% – Here’s What Happened

Ovintiv Inc. (NYSE:OVV)’s share price traded down 4.3% during trading on Monday . The company traded as low as $41.19 and last traded at $41.32. 375,892 shares were traded during mid-day trading, a decline of 89% from the average session volume of 3,463,053 shares. The stock had previously closed at $43.17.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Morgan Stanley set a $48.00 price objective on Ovintiv and gave the company an “equal weight” rating in a research note on Monday, August 18th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Ovintiv in a report on Friday. UBS Group lifted their price target on Ovintiv from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. TD Cowen upgraded Ovintiv to a “strong-buy” rating in a research note on Monday, July 7th. Finally, Scotiabank boosted their price objective on Ovintiv from $48.00 to $51.00 and gave the company a “sector outperform” rating in a research note on Friday, July 11th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average price target of $52.69.

Ovintiv Price Performance

The business has a 50-day simple moving average of $40.94 and a 200 day simple moving average of $38.97. The firm has a market cap of $10.46 billion, a P/E ratio of 17.99, a price-to-earnings-growth ratio of 5.55 and a beta of 1.08. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43.

Ovintiv (NYSE:OVV) last announced its earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.02). The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. On average, analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, September 15th. Ovintiv’s dividend payout ratio (DPR) is currently 53.10%.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors have recently bought and sold shares of the stock. Concurrent Investment Advisors LLC raised its holdings in Ovintiv by 5.6% during the first quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company’s stock valued at $239,000 after acquiring an additional 297 shares during the period. Smartleaf Asset Management LLC grew its position in Ovintiv by 43.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company’s stock worth $49,000 after acquiring an additional 349 shares in the last quarter. UMB Bank n.a. grew its position in Ovintiv by 16.9% in the first quarter. UMB Bank n.a. now owns 2,890 shares of the company’s stock worth $124,000 after acquiring an additional 417 shares in the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of Ovintiv by 0.6% during the first quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company’s stock valued at $2,962,000 after buying an additional 420 shares during the period. Finally, ProShare Advisors LLC boosted its position in shares of Ovintiv by 3.8% during the second quarter. ProShare Advisors LLC now owns 11,518 shares of the company’s stock valued at $438,000 after buying an additional 427 shares during the period. 83.81% of the stock is owned by 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.