Interval Partners LP Makes New Investment in Ovintiv Inc. (NYSE:OVV)

Interval Partners LP acquired a new stake in Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 177,512 shares of the company’s stock, valued at approximately $8,320,000. Interval Partners LP owned about 0.07% of Ovintiv at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in OVV. Vanguard Group Inc. boosted its holdings in Ovintiv by 3.8% in the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after purchasing an additional 1,024,931 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Ovintiv by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock worth $180,194,000 after buying an additional 142,296 shares during the last quarter. Balyasny Asset Management L.P. grew its holdings in Ovintiv by 1,560.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock worth $63,738,000 after acquiring an additional 1,363,865 shares during the period. Principal Financial Group Inc. raised its position in Ovintiv by 1.7% during the first quarter. Principal Financial Group Inc. now owns 1,005,797 shares of the company’s stock valued at $52,201,000 after acquiring an additional 17,206 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in Ovintiv by 6.2% in the second quarter. Hsbc Holdings PLC now owns 976,001 shares of the company’s stock valued at $45,778,000 after acquiring an additional 57,182 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Up 0.3 %

OVV stock opened at $40.52 on Monday. 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 firm has a 50-day moving average of $43.00 and a two-hundred day moving average of $47.57. Ovintiv Inc. has a 12 month low of $37.81 and a 12 month high of $55.95. The company has a market cap of $10.68 billion, a price-to-earnings ratio of 5.66, a PEG ratio of 6.50 and a beta of 2.62.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating the consensus estimate 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 return on equity of 18.28% and a net margin of 18.56%. As a group, analysts forecast that Ovintiv Inc. will post 5.63 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.96%. Ovintiv’s dividend payout ratio is presently 16.76%.

Wall Street Analyst Weigh In

OVV has been the topic of a number of analyst reports. Wells Fargo & Company dropped 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 note on Thursday, August 1st. UBS Group decreased their price objective on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Morgan Stanley lowered their target price on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. JPMorgan Chase & Co. cut their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Finally, Evercore ISI reiterated an “outperform” rating and set a $60.00 price target on shares of Ovintiv in a research report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.83.

Ovintiv 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.