ING Groep NV Sells 193,335 Shares of Ovintiv Inc. (NYSE:OVV)

ING Groep NV trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 94.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,665 shares of the company’s stock after selling 193,335 shares during the period. ING Groep NV’s holdings in Ovintiv were worth $447,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Innealta Capital LLC acquired a new position in Ovintiv during the second quarter valued at approximately $39,000. UMB Bank n.a. grew its stake in shares of Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after buying an additional 286 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Ovintiv in the second quarter valued at $69,000. Covestor Ltd increased its holdings in Ovintiv by 43.9% during the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after buying an additional 560 shares during the last quarter. Finally, Blue Trust Inc. raised its position in Ovintiv by 24.0% during the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock worth $93,000 after acquiring an additional 347 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of NYSE OVV opened at $43.79 on Monday. The business has a fifty day moving average price of $40.71 and a two-hundred day moving average price of $44.41. The stock has a market capitalization of $11.40 billion, a PE ratio of 5.81, a P/E/G ratio of 7.97 and a beta of 2.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $55.95.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Analyst Ratings Changes

OVV has been the topic of several recent analyst reports. UBS Group lowered their price objective on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Truist Financial upped their price objective on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research note on Friday. Barclays lifted their target price on Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday. Royal Bank of Canada dropped their price target on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. Finally, Wells Fargo & Company cut their price target on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, October 1st. Five 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.00.

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.