Sagefield Capital LP Buys 93,964 Shares of Ovintiv Inc. (NYSE:OVV)

Sagefield Capital LP raised its stake in shares of Ovintiv Inc. (NYSE:OVV) by 27.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 432,964 shares of the company’s stock after acquiring an additional 93,964 shares during the quarter. Ovintiv makes up about 2.1% of Sagefield Capital LP’s portfolio, making the stock its 13th biggest position. Sagefield Capital LP owned approximately 0.16% of Ovintiv worth $20,293,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC raised its stake in Ovintiv by 7.5% in the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock worth $165,000 after acquiring an additional 220 shares during the last quarter. Covestor Ltd raised its stake in Ovintiv by 23.1% in the 1st 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. Geneos Wealth Management Inc. raised its stake in Ovintiv by 53.4% in the 1st 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. Blue Trust Inc. raised its stake in Ovintiv by 24.0% in the 2nd quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock worth $93,000 after acquiring an additional 347 shares during the last quarter. Finally, Signaturefd LLC raised its stake in Ovintiv by 2.1% in the 2nd quarter. Signaturefd LLC now owns 18,288 shares of the company’s stock worth $857,000 after acquiring an additional 376 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 1.8 %

OVV stock opened at $41.23 on Tuesday. 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 Inc. has a 12-month low of $37.81 and a 12-month high of $55.95. The stock has a market cap of $11.01 billion, a price-to-earnings ratio of 5.76, a PEG ratio of 6.50 and a beta of 2.62. The business’s 50-day moving average is $42.85 and its 200 day moving average is $47.52.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.53 billion. On average, sell-side analysts anticipate that Ovintiv Inc. will post 5.63 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend is Friday, September 13th. Ovintiv’s payout ratio is 16.76%.

Wall Street Analysts Forecast Growth

OVV has been the subject of a number of research analyst reports. Wolfe Research initiated coverage on Ovintiv in a research note on Thursday, July 18th. They issued an “outperform” rating and a $65.00 target price for the company. Truist Financial lifted their price objective on Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Royal Bank of Canada reduced 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. Morgan Stanley reduced their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Finally, Evercore ISI reiterated an “outperform” rating and set a $60.00 price objective on shares of Ovintiv in a research note on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.83.

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.