PDT Partners LLC Buys New Shares in Ovintiv Inc. (NYSE:OVV)

PDT Partners LLC purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 28,207 shares of the company’s stock, valued at approximately $1,081,000.

A number of other hedge funds also recently made changes to their positions in OVV. B. Riley Wealth Advisors Inc. acquired a new position in Ovintiv in the first quarter valued at $396,000. Tidal Investments LLC grew its holdings in shares of Ovintiv by 7.0% during the 1st quarter. Tidal Investments LLC now owns 7,648 shares of the company’s stock worth $397,000 after purchasing an additional 497 shares during the period. Atria Investments Inc increased its position in Ovintiv by 6.6% during the 1st quarter. Atria Investments Inc now owns 43,911 shares of the company’s stock worth $2,279,000 after purchasing an additional 2,722 shares in the last quarter. Cetera Investment Advisers raised its holdings in Ovintiv by 678.9% in the first quarter. Cetera Investment Advisers now owns 37,113 shares of the company’s stock valued at $1,926,000 after buying an additional 32,348 shares during the period. Finally, GAMMA Investing LLC lifted its position in Ovintiv by 16.2% during the second quarter. GAMMA Investing LLC now owns 3,684 shares of the company’s stock valued at $173,000 after buying an additional 514 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Barclays lifted their target price on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Citigroup lowered their target price on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Morgan Stanley reduced their price target 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. Scotiabank increased their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Finally, Evercore ISI reduced their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $56.65.

Ovintiv Stock Performance

Shares of OVV opened at $45.42 on Monday. The stock has a market capitalization of $11.82 billion, a PE ratio of 6.02 and a beta of 2.62. The business’s fifty day moving average price is $41.94 and its 200 day moving average price is $44.04. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

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.