Bridgewater Associates LP Sells 40,379 Shares of Ovintiv Inc. (NYSE:OVV)

Bridgewater Associates LP lessened its stake in Ovintiv Inc. (NYSE:OVV) by 14.6% in the third quarter, HoldingsChannel reports. The firm owned 236,516 shares of the company’s stock after selling 40,379 shares during the period. Bridgewater Associates LP’s holdings in Ovintiv were worth $9,061,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Pacer Advisors Inc. grew its holdings in shares of Ovintiv by 11,282.4% in the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after acquiring an additional 6,486,159 shares during the period. AQR Capital Management LLC boosted its position in Ovintiv by 114.9% in 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 during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Ovintiv by 7,422.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock valued at $52,064,000 after purchasing an additional 1,340,947 shares during the period. SIR Capital Management L.P. bought a new position in shares of Ovintiv in the 2nd quarter worth approximately $22,732,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of Ovintiv by 42.6% in the third quarter. Victory Capital Management Inc. now owns 1,174,397 shares of the company’s stock worth $44,991,000 after buying an additional 350,909 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on OVV shares. Scotiabank upped 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. Truist Financial raised 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. Morgan Stanley lowered their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Evercore ISI reduced their price target on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Finally, Citigroup lowered their price objective on Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.65.

Ovintiv Trading Down 0.5 %

Ovintiv stock opened at $45.49 on Friday. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95. The firm’s 50 day moving average price is $41.84 and its 200-day moving average price is $44.15. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market cap of $11.84 billion, a P/E ratio of 6.03 and a beta of 2.62.

Ovintiv Dividend Announcement

The business also recently declared 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 2.64%. Ovintiv’s dividend payout ratio is currently 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.