Ovintiv Inc. (NYSE:OVV) Shares Sold by Canandaigua National Trust Co of Florida

Canandaigua National Trust Co of Florida reduced its stake in shares of Ovintiv Inc. (NYSE:OVV) by 63.5% in the 4th quarter, HoldingsChannel reports. The firm owned 7,186 shares of the company’s stock after selling 12,477 shares during the quarter. Canandaigua National Trust Co of Florida’s holdings in Ovintiv were worth $291,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. True Wealth Design LLC raised its position 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 worth $25,000 after purchasing an additional 636 shares during the last quarter. UMB Bank n.a. raised its holdings in Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after acquiring an additional 286 shares during the last quarter. Transamerica Financial Advisors Inc. acquired a new position in Ovintiv in the 3rd quarter valued at $65,000. Covestor Ltd raised its holdings in Ovintiv by 43.9% in the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after acquiring an additional 560 shares during the last quarter. Finally, Abich Financial Wealth Management LLC acquired a new position in Ovintiv in the 3rd quarter valued at $122,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Down 1.0 %

NYSE:OVV traded down $0.41 on Monday, reaching $41.38. The stock had a trading volume of 2,996,734 shares, compared to its average volume of 2,193,008. 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 $41.70 and a 200 day moving average of $42.66. The stock has a market cap of $10.77 billion, a P/E ratio of 5.49 and a beta of 2.63. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.90%. Ovintiv’s payout ratio is currently 15.92%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Morgan Stanley cut their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Scotiabank boosted their price target on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday, November 18th. Evercore ISI cut their price target on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. JPMorgan Chase & Co. cut their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Finally, Mizuho dropped their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $56.59.

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.