Denali Advisors LLC Acquires 6,521 Shares of Ovintiv Inc. (NYSE:OVV)

Denali Advisors LLC grew its holdings in Ovintiv Inc. (NYSE:OVV) by 1,278.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,031 shares of the company’s stock after acquiring an additional 6,521 shares during the quarter. Denali Advisors LLC’s holdings in Ovintiv were worth $330,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Balyasny Asset Management L.P. increased its stake in Ovintiv by 1,560.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock worth $63,738,000 after purchasing an additional 1,363,865 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Ovintiv by 3.8% during the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after acquiring an additional 1,024,931 shares in the last quarter. Public Employees Retirement Association of Colorado raised its holdings in shares of Ovintiv by 2,602.0% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 715,158 shares of the company’s stock worth $31,410,000 after acquiring an additional 688,690 shares during the period. SIR Capital Management L.P. bought a new stake in Ovintiv in the 2nd quarter valued at $22,732,000. Finally, SG Americas Securities LLC lifted its position in Ovintiv by 6,830.6% in the 1st quarter. SG Americas Securities LLC now owns 411,054 shares of the company’s stock valued at $21,334,000 after acquiring an additional 405,123 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analysts Set New Price Targets

OVV has been the subject of a number of research reports. Scotiabank increased their target price on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Friday, July 12th. Morgan Stanley cut their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday. Bank of America reaffirmed a “neutral” rating and set a $55.00 price target on shares of Ovintiv in a research note on Friday, June 14th. Wells Fargo & Company cut their price objective on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Finally, TD Cowen increased their target price on shares of Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price of $60.06.

Ovintiv Stock Performance

Shares of NYSE OVV opened at $39.93 on Wednesday. Ovintiv Inc. has a 12 month low of $37.81 and a 12 month high of $55.95. The stock has a 50 day moving average of $43.46 and a 200-day moving average of $47.76. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $10.53 billion, a P/E ratio of 5.58, a P/E/G ratio of 6.24 and a beta of 2.62.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates 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, equities research analysts predict that Ovintiv Inc. will post 5.81 EPS for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders 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 annualized dividend and a yield of 3.01%. Ovintiv’s dividend payout ratio is currently 16.76%.

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.