GAMMA Investing LLC Purchases 220 Shares of Ovintiv Inc. (NYSE:OVV)

GAMMA Investing LLC grew its position in shares of Ovintiv Inc. (NYSE:OVV) by 7.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,170 shares of the company’s stock after buying an additional 220 shares during the quarter. GAMMA Investing LLC’s holdings in Ovintiv were worth $165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. LPL Financial LLC lifted its holdings in shares of Ovintiv by 0.3% during the 3rd quarter. LPL Financial LLC now owns 89,668 shares of the company’s stock valued at $4,265,000 after buying an additional 261 shares during the period. Blue Trust Inc. raised its holdings in Ovintiv by 20.5% in the 4th quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock worth $80,000 after purchasing an additional 284 shares during the period. Fifth Third Bancorp raised its holdings in Ovintiv by 20.3% in the 4th quarter. Fifth Third Bancorp now owns 1,945 shares of the company’s stock worth $85,000 after purchasing an additional 328 shares during the period. Quent Capital LLC raised its holdings in Ovintiv by 151.3% in the 4th quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after purchasing an additional 351 shares during the period. Finally, Xponance Inc. raised its holdings in Ovintiv by 1.4% in the 4th quarter. Xponance Inc. now owns 42,424 shares of the company’s stock worth $1,863,000 after purchasing an additional 601 shares during the period. 83.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

OVV has been the topic of a number of recent research reports. Morgan Stanley raised their target price on Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Jefferies Financial Group raised their target price on Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a report on Friday, April 12th. Bank of America reaffirmed a “neutral” rating and issued a $55.00 target price on shares of Ovintiv in a report on Friday, June 14th. Royal Bank of Canada raised their price target on Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a report on Thursday, February 29th. Finally, The Goldman Sachs Group raised their price target on Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a report on Tuesday, March 26th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and an average price target of $58.65.

Ovintiv Stock Performance

Shares of NYSE:OVV opened at $46.05 on Friday. Ovintiv Inc. has a 52 week low of $34.50 and a 52 week high of $55.95. The stock has a market capitalization of $12.29 billion, a P/E ratio of 6.43 and a beta of 2.58. The firm has a fifty day simple moving average of $49.78 and a two-hundred day simple moving average of $47.30. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.58 billion. On average, analysts expect that Ovintiv Inc. will post 6.11 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.61%. Ovintiv’s dividend payout ratio is presently 16.76%.

Insider Buying and Selling

In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the sale, the director now directly owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the sale, the director now directly owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Steven W. Nance sold 12,000 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the sale, the director now directly owns 8,929 shares of the company’s stock, valued at $446,450. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.

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.