Caxton Associates LP Makes New $3.01 Million Investment in Ovintiv Inc. (NYSE:OVV)

Caxton Associates LP acquired a new position in shares of Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, Holdings Channel reports. The fund acquired 64,200 shares of the company’s stock, valued at approximately $3,009,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. American National Bank purchased a new stake in Ovintiv during the first quarter valued at $27,000. Innealta Capital LLC bought a new position in shares of Ovintiv in the 2nd quarter valued at about $39,000. Geneos Wealth Management Inc. lifted its holdings in shares of Ovintiv by 53.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after acquiring an additional 300 shares during the last quarter. Creekmur Asset Management LLC purchased a new position in Ovintiv in the fourth quarter worth about $68,000. Finally, International Assets Investment Management LLC bought a new stake in Ovintiv during the second quarter worth approximately $69,000. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Down 1.3 %

Shares of Ovintiv stock opened at $40.70 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The stock has a market cap of $10.73 billion, a price-to-earnings ratio of 5.68, a PEG ratio of 7.32 and a beta of 2.62. The firm’s 50-day moving average is $42.85 and its two-hundred day moving average is $47.52. Ovintiv Inc. has a 1 year low of $37.81 and a 1 year high of $55.95.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. As a group, research analysts expect that Ovintiv Inc. will post 5.26 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.95%. Ovintiv’s dividend payout ratio is presently 16.76%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on OVV. UBS Group dropped their target price on Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. JPMorgan Chase & Co. dropped their price objective on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Truist Financial boosted their price objective on shares of Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Scotiabank raised their target price on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Friday, July 12th. Finally, Royal Bank of Canada dropped their price target on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research note on Thursday, August 1st. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy 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 $59.83.

Ovintiv 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.