Invenomic Capital Management LP Invests $11.30 Million in Ovintiv Inc. (NYSE:OVV)
Invenomic Capital Management LP purchased a new position in Ovintiv Inc. (NYSE:OVV – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 296,873 shares of the company’s stock, valued at approximately $11,302,000. Invenomic Capital Management LP owned about 0.11% of Ovintiv at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of OVV. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Ovintiv during the 2nd quarter worth $559,852,000. EnCap Energy Capital Fund X L.P. purchased a new position in shares of Ovintiv during the 2nd quarter worth $380,527,000. BlackRock Inc. boosted its stake in shares of Ovintiv by 52.6% during the 2nd quarter. BlackRock Inc. now owns 26,756,052 shares of the company’s stock worth $1,018,603,000 after acquiring an additional 9,221,114 shares during the last quarter. EnCap Energy Capital Fund IX L.P. purchased a new position in shares of Ovintiv during the 2nd quarter worth $269,394,000. Finally, Dodge & Cox boosted its stake in shares of Ovintiv by 24.8% during the 1st quarter. Dodge & Cox now owns 27,016,020 shares of the company’s stock worth $974,738,000 after acquiring an additional 5,361,244 shares during the last quarter. Hedge funds and other institutional investors own 98.30% of the company’s stock.
Insider Activity
In other news, Director Steven W. Nance sold 13,000 shares of the firm’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $43.78, for a total transaction of $569,140.00. Following the transaction, the director now owns 24,193 shares in the company, valued at $1,059,169.54. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Ovintiv news, Director Steven W. Nance sold 13,000 shares of Ovintiv stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $43.78, for a total value of $569,140.00. Following the transaction, the director now owns 24,193 shares in the company, valued at $1,059,169.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Meghan Nicole Eilers sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $41.37, for a total transaction of $289,590.00. Following the completion of the sale, the executive vice president now owns 20,441 shares of the company’s stock, valued at $845,644.17. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.
Ovintiv Trading Up 1.0 %
OVV stock traded up $0.41 during midday trading on Friday, reaching $41.63. 2,462,054 shares of the company traded hands, compared to its average volume of 2,923,578. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.45 and a current ratio of 0.45. Ovintiv Inc. has a 52-week low of $32.07 and a 52-week high of $52.63. The firm has a market capitalization of $11.36 billion, a price-to-earnings ratio of 4.13, a P/E/G ratio of 0.48 and a beta of 2.61. The business has a 50 day moving average of $46.22 and a 200-day moving average of $43.76.
Ovintiv (NYSE:OVV – Get Free Report) last posted its quarterly earnings data on Tuesday, November 7th. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.01). Ovintiv had a return on equity of 16.15% and a net margin of 23.46%. The firm had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.58 billion. As a group, sell-side analysts expect that Ovintiv Inc. will post 6.69 earnings per share for the current fiscal year.
Ovintiv Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Thursday, December 14th. Ovintiv’s dividend payout ratio is presently 11.90%.
Wall Street Analyst Weigh In
OVV has been the subject of a number of analyst reports. UBS Group increased their price objective on shares of Ovintiv from $62.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. Citigroup upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and lifted their target price for the company from $48.00 to $52.00 in a research note on Wednesday, November 22nd. Morgan Stanley lifted their target price on shares of Ovintiv from $47.00 to $49.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 17th. National Bank Financial lifted their target price on shares of Ovintiv from $59.00 to $69.00 in a research note on Thursday, October 12th. Finally, Royal Bank of Canada boosted their target price on shares of Ovintiv from $47.00 to $50.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 10th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $56.89.
View Our Latest Research Report on Ovintiv
Ovintiv Profile (Free Report)
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.
Further Reading
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