Ovintiv (NYSE:OVV) Shares Down 5.6% – Here’s What Happened

Ovintiv Inc. (NYSE:OVV)’s share price traded down 5.6% during mid-day trading on Wednesday . The stock traded as low as $42.81 and last traded at $42.84. 1,512,744 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 2,475,808 shares. The stock had previously closed at $45.40.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on OVV shares. Scotiabank lifted their target price on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday, November 18th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Truist Financial increased their target price on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. UBS Group dropped their price objective 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, Mizuho decreased their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and an average price target of $56.88.

Ovintiv Price Performance

The firm has a market cap of $11.13 billion, a PE ratio of 5.67 and a beta of 2.60. The firm’s fifty day simple moving average is $42.19 and its two-hundred day simple moving average is $42.07. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of OVV. True Wealth Design LLC lifted 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 valued at $25,000 after acquiring an additional 636 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after purchasing an additional 360 shares during the period. Smartleaf Asset Management LLC lifted its holdings in Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after purchasing an additional 335 shares in the last quarter. Cullen Frost Bankers Inc. boosted its stake in Ovintiv by 3,571.4% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company’s stock worth $42,000 after purchasing an additional 1,000 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of Ovintiv by 451.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company’s stock valued at $46,000 after buying an additional 940 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

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.