HBK Investments L P Makes New $1.69 Million Investment in Ovintiv Inc. (NYSE:OVV)

HBK Investments L P acquired a new position in shares of Ovintiv Inc. (NYSE:OVV) in the 1st quarter, HoldingsChannel reports. The firm acquired 46,728 shares of the company’s stock, valued at approximately $1,686,000.

Other large investors also recently bought and sold shares of the company. Belpointe Asset Management LLC purchased a new stake in shares of Ovintiv in the fourth quarter valued at approximately $29,000. Clearstead Advisors LLC purchased a new stake in shares of Ovintiv in the first quarter valued at approximately $41,000. ICA Group Wealth Management LLC purchased a new stake in shares of Ovintiv in the fourth quarter valued at approximately $41,000. OLD Mission Capital LLC purchased a new stake in shares of Ovintiv in the fourth quarter valued at approximately $45,000. Finally, Exos TFP Holdings LLC purchased a new stake in shares of Ovintiv in the fourth quarter valued at approximately $46,000. 98.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company upped their price target on Ovintiv from $36.00 to $39.00 in a research report on Friday, July 7th. CIBC decreased their price objective on Ovintiv from $55.00 to $50.00 in a report on Tuesday, May 23rd. Citigroup upped their price objective on Ovintiv from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Tuesday, August 1st. The Goldman Sachs Group started coverage on Ovintiv in a report on Wednesday, July 12th. They issued a “neutral” rating on the stock. Finally, Truist Financial upped their price objective on Ovintiv from $52.00 to $54.00 and gave the company a “buy” rating in a report on Monday, July 31st. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $57.47.

Ovintiv Stock Up 1.4 %

Shares of NYSE OVV traded up $0.64 during mid-day trading on Friday, hitting $47.32. The company had a trading volume of 2,398,348 shares, compared to its average volume of 2,102,920. The company has a market capitalization of $12.96 billion, a PE ratio of 3.57, a price-to-earnings-growth ratio of 0.56 and a beta of 2.81. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.45 and a quick ratio of 0.45. Ovintiv Inc. has a 1-year low of $32.07 and a 1-year high of $59.10. The business’s 50-day simple moving average is $44.65 and its 200 day simple moving average is $39.71.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.02. The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Ovintiv had a return on equity of 16.27% and a net margin of 28.27%. On average, analysts predict that Ovintiv Inc. will post 6.38 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Thursday, September 14th. Ovintiv’s payout ratio is currently 9.06%.

Insider Activity at Ovintiv

In related news, Director Steven W. Nance sold 1,201 shares of the stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $48.65, for a total value of $58,428.65. Following the transaction, the director now owns 20,929 shares of the company’s stock, valued at $1,018,195.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is currently owned by corporate insiders.

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. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.