Toronto Dominion Bank Reduces Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Toronto Dominion Bank lessened its position in shares of Ovintiv Inc. (NYSE:OVV) by 0.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 115,655 shares of the company’s stock after selling 1,045 shares during the quarter. Toronto Dominion Bank’s holdings in Ovintiv were worth $4,431,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in OVV. Pacer Advisors Inc. raised its position in Ovintiv by 11,282.4% during 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 last quarter. AQR Capital Management LLC raised its position in shares of Ovintiv by 114.9% during the 2nd 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. lifted its stake in Ovintiv by 7,422.1% in 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 buying an additional 1,340,947 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in Ovintiv by 17.2% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after buying an additional 1,207,610 shares during the last quarter. Finally, SIR Capital Management L.P. acquired a new stake in Ovintiv during the 2nd quarter valued at $22,732,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

Shares of NYSE:OVV opened at $40.51 on Friday. The firm has a market capitalization of $10.55 billion, a PE ratio of 5.37 and a beta of 2.63. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month high of $55.95. 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 business has a 50-day moving average of $42.32 and a two-hundred day moving average of $43.59.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors 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 annualized dividend and a yield of 2.96%. Ovintiv’s payout ratio is 15.92%.

Analysts Set New Price Targets

Several analysts have recently issued reports on OVV shares. Morgan Stanley reduced their price objective 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. Wells Fargo & Company reduced their target price on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 1st. Barclays lifted their price target on shares of Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. UBS Group reduced their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Finally, Evercore ISI lowered their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $56.47.

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.