Ovintiv (NYSE:OVV) Share Price Breaks Above 50-Day Moving Average – Time to Sell?

Ovintiv Inc. (NYSE:OVV)’s share price passed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $64.54 and traded as high as $65.29. Ovintiv shares last traded at $64.8390, with a volume of 2,377,478 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on OVV. Royal Bank Of Canada raised their price objective on Ovintiv from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 13th. Seaport Research Partners initiated coverage on Ovintiv in a research report on Thursday, September 3rd. They set a “neutral” rating on the stock. Weiss Ratings upgraded Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 2nd. Morgan Stanley upped their target price on Ovintiv from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Thursday, October 15th. Finally, Wells Fargo & Company reduced their target price on Ovintiv from $82.00 to $81.00 and set an “overweight” rating for the company in a research report on Thursday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $74.33.

Ovintiv Stock Performance

The firm has a market cap of $17.42 billion, a P/E ratio of 13.07 and a beta of 0.57. The stock’s 50 day moving average is $64.54 and its two-hundred day moving average is $58.45. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.84 and a quick ratio of 0.84.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, December 15th. Ovintiv’s payout ratio is presently 24.19%.

Hedge Funds Weigh In On Ovintiv

Hedge funds have recently modified their holdings of the stock. AlphaGrep UK Ltd bought a new stake in Ovintiv during the third quarter worth about $274,000. Meeder Advisory Services Inc. increased its holdings in shares of Ovintiv by 14.1% during the third quarter. Meeder Advisory Services Inc. now owns 13,671 shares of the company’s stock worth $790,000 after buying an additional 1,689 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Ovintiv by 4.3% in the third quarter. First Trust Advisors LP now owns 1,066,795 shares of the company’s stock valued at $61,682,000 after acquiring an additional 44,442 shares during the last quarter. GW&K Investment Management LLC raised its stake in shares of Ovintiv by 0.6% in the third quarter. GW&K Investment Management LLC now owns 696,019 shares of the company’s stock valued at $40,244,000 after acquiring an additional 4,245 shares during the last quarter. Finally, Private Wealth Asset Management LLC bought a new position in shares of Ovintiv in the third quarter valued at approximately $408,000. 83.81% of the stock is owned by institutional investors and hedge funds.

About Ovintiv

Ovintiv Inc. is an independent oil and natural gas producer focused on developing and producing crude oil, natural gas and natural gas liquids in North America. Its operations include exploration, drilling and production, supported by infrastructure and marketing activities related to its energy products. The company’s principal operating areas include the Permian Basin and Anadarko Basin in the United States, as well as the Montney formation in Canada. Its production serves energy markets through sales of oil, natural gas and natural gas liquids.