Ovintiv (NYSE:OVV) Stock Price Down 5.6% – Should You Sell?

Ovintiv Inc. (NYSE:OVV) shares dropped 5.6% during mid-day trading on Wednesday . The company traded as low as $42.81 and last traded at $42.84. Approximately 1,512,744 shares traded hands during trading, a decline of 39% from the average daily volume of 2,475,808 shares. The stock had previously closed at $45.40.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on OVV. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Wells Fargo & Company lowered their price objective on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 17th. Truist Financial upped their target price on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Scotiabank increased their target price on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday, November 18th. Finally, Barclays lifted their price target on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $56.88.

Ovintiv Stock Down 5.8 %

The company has a market capitalization of $11.13 billion, a P/E ratio of 5.67 and a beta of 2.60. 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 stock’s fifty day moving average is $42.19 and its 200 day moving average is $42.07.

Institutional Trading of Ovintiv

A number of institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. raised its position in Ovintiv by 11,282.4% during the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after purchasing an additional 6,486,159 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Ovintiv by 1,732.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock valued at $137,134,000 after buying an additional 3,203,087 shares during the period. Assenagon Asset Management S.A. lifted its stake 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 acquiring an additional 1,340,947 shares during the period. Pacific Heights Asset Management LLC lifted its stake in Ovintiv by 697.4% in the fourth quarter. Pacific Heights Asset Management LLC now owns 1,515,000 shares of the company’s stock worth $61,358,000 after acquiring an additional 1,325,000 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC lifted its position in shares of Ovintiv by 17.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after purchasing an additional 1,207,610 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

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.