Ovintiv Inc. (NYSE:OVV) Short Interest Update

Ovintiv Inc. (NYSE:OVV) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 10,030,000 shares, an increase of 41.1% from the February 28th total of 7,110,000 shares. Based on an average daily trading volume, of 3,220,000 shares, the days-to-cover ratio is presently 3.1 days. Approximately 3.9% of the company’s stock are sold short.

Ovintiv Stock Performance

Shares of NYSE OVV traded down $1.08 during trading hours on Friday, hitting $42.24. 3,026,647 shares of the company’s stock were exchanged, compared to its average volume of 3,066,342. The company’s 50-day moving average price is $42.59 and its 200-day moving average price is $41.93. Ovintiv has a 1-year low of $36.62 and a 1-year high of $55.95. The stock has a market capitalization of $11.00 billion, a price-to-earnings ratio of 5.60 and a beta of 2.55. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.84%. Ovintiv’s dividend payout ratio is 28.57%.

Analyst Ratings Changes

Several equities analysts have recently commented on OVV shares. UBS Group lowered their price target on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Truist Financial boosted their target price on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Wells Fargo & Company lifted their price target on Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. JPMorgan Chase & Co. dropped their price objective on Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, National Bankshares lifted their target price on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Ovintiv currently has a consensus rating of “Buy” and an average target price of $57.17.

Hedge Funds Weigh In On Ovintiv

Large investors have recently bought and sold shares of the stock. True Wealth Design LLC increased its holdings in shares of Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after purchasing an additional 636 shares during the period. Colonial Trust Co SC bought a new stake in shares of Ovintiv in the fourth quarter valued at about $28,000. MassMutual Private Wealth & Trust FSB grew its position in Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after buying an additional 360 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after acquiring an additional 335 shares during the period. Finally, Mizuho Bank Ltd. acquired a new position in Ovintiv in the 4th quarter valued at approximately $40,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

About Ovintiv

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.