Semanteon Capital Management LP Purchases New Stake in Ovintiv Inc. (NYSE:OVV)

Semanteon Capital Management LP purchased a new stake in Ovintiv Inc. (NYSE:OVV) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 29,760 shares of the company’s stock, valued at approximately $1,140,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OVV. Innealta Capital LLC acquired a new stake in shares of Ovintiv in the second quarter valued at approximately $39,000. Geneos Wealth Management Inc. increased its stake in Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after acquiring an additional 300 shares during the last quarter. UMB Bank n.a. increased its stake in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after acquiring an additional 286 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Ovintiv during the second quarter worth $69,000. Finally, Covestor Ltd increased its stake in Ovintiv by 23.1% during the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after acquiring an additional 293 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on OVV. Wolfe Research began coverage on Ovintiv in a research note on Thursday, July 18th. They set an “outperform” rating and a $65.00 target price for the company. Citigroup cut their target price on Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Mizuho cut their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Finally, Royal Bank of Canada dropped their price objective on 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 analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.00.

Ovintiv Stock Down 2.8 %

NYSE:OVV traded down $1.15 during midday trading on Monday, reaching $39.24. The company had a trading volume of 135,911 shares, compared to its average volume of 3,073,161. The firm has a market capitalization of $10.48 billion, a price-to-earnings ratio of 5.64, a PEG ratio of 7.76 and a beta of 2.61. The stock’s fifty day simple moving average is $41.12 and its 200-day simple moving average is $45.61. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. On average, sell-side analysts anticipate that Ovintiv Inc. will post 4.87 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

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.