State Street Corp Sells 94,605 Shares of Ovintiv Inc. (NYSE:OVV)

State Street Corp reduced its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 0.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,539,098 shares of the company’s stock after selling 94,605 shares during the period. State Street Corp’s holdings in Ovintiv were worth $403,753,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. True Wealth Design LLC grew its stake in shares of Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after acquiring an additional 636 shares during the period. Innealta Capital LLC bought a new stake in Ovintiv in the 2nd quarter worth approximately $39,000. UMB Bank n.a. raised its stake in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Ovintiv during the 2nd quarter valued at about $69,000. Finally, Transamerica Financial Advisors Inc. purchased a new stake in Ovintiv during the third quarter valued at approximately $65,000. 83.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OVV has been the topic of several recent analyst reports. Scotiabank increased their target price on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday, November 18th. Truist Financial upped their target price on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Citigroup dropped their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. UBS Group raised their price objective on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $56.65.

Ovintiv Stock Up 0.4 %

Ovintiv stock opened at $41.37 on Tuesday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a market cap of $10.77 billion, a price-to-earnings ratio of 5.50 and a beta of 2.63. The business’s 50-day moving average price is $42.31 and its 200 day moving average price is $43.81. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.90%. Ovintiv’s payout ratio 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.