Aigen Investment Management LP Sells 16,151 Shares of Ovintiv Inc. (NYSE:OVV)

Aigen Investment Management LP trimmed its stake in Ovintiv Inc. (NYSE:OVV) by 35.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 29,756 shares of the company’s stock after selling 16,151 shares during the period. Aigen Investment Management LP’s holdings in Ovintiv were worth $1,140,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in OVV. AQR Capital Management LLC boosted its position in shares of Ovintiv by 114.9% during the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after acquiring an additional 1,618,556 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Ovintiv by 7,422.1% in 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 during the period. Vanguard Group Inc. grew its position in shares of Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after buying an additional 1,024,931 shares during the period. SIR Capital Management L.P. bought a new stake in shares of Ovintiv during the 2nd quarter valued at $22,732,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Ovintiv by 338.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 445,187 shares of the company’s stock valued at $20,866,000 after purchasing an additional 343,709 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on OVV. Wolfe Research started coverage on shares of Ovintiv in a research note on Thursday, July 18th. They issued an “outperform” rating and a $65.00 target price for the company. Morgan Stanley cut their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Evercore ISI cut their price target on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. JPMorgan Chase & Co. cut their price objective on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Finally, Citigroup cut their target price on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Ovintiv Stock Down 1.7 %

OVV opened at $41.95 on Wednesday. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month high of $55.95. The company has a market cap of $10.92 billion, a PE ratio of 5.56, a price-to-earnings-growth ratio of 8.13 and a beta of 2.62. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $40.52 and a 200 day moving average of $44.66.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio is presently 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.