HITE Hedge Asset Management LLC Sells 101,730 Shares of Ovintiv Inc. (NYSE:OVV)

HITE Hedge Asset Management LLC reduced its stake in Ovintiv Inc. (NYSE:OVV) by 22.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 341,628 shares of the company’s stock after selling 101,730 shares during the quarter. Ovintiv makes up 1.5% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 24th largest holding. HITE Hedge Asset Management LLC’s holdings in Ovintiv were worth $13,088,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. True Wealth Design LLC increased its stake in shares of Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after buying an additional 636 shares during the period. Innealta Capital LLC purchased a new stake in shares of Ovintiv in the second quarter worth approximately $39,000. UMB Bank n.a. increased its holdings in Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares during the period. Transamerica Financial Advisors Inc. acquired a new stake in shares of Ovintiv in the 3rd quarter worth $65,000. Finally, International Assets Investment Management LLC acquired a new stake in Ovintiv during the 2nd quarter worth about $69,000. Institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

OVV has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their price objective on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 1st. JPMorgan Chase & Co. decreased their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Truist Financial lifted their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Mizuho decreased their price target on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Finally, 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 report on Tuesday, November 26th. Five equities research 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $56.65.

Ovintiv Trading Down 2.6 %

Shares of OVV opened at $44.23 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The firm has a 50 day moving average price of $41.94 and a 200-day moving average price of $44.04. The firm has a market cap of $11.51 billion, a price-to-earnings ratio of 5.87 and a beta of 2.63.

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. This represents a $1.20 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Friday, December 13th. Ovintiv’s payout ratio is presently 15.92%.

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.