SG Americas Securities LLC Increases Position in Ovintiv Inc. (NYSE:OVV)

SG Americas Securities LLC raised its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 587.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,708 shares of the company’s stock after acquiring an additional 37,348 shares during the period. SG Americas Securities LLC’s holdings in Ovintiv were worth $1,674,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in OVV. American National Bank purchased a new stake in Ovintiv during the first quarter valued at about $27,000. Innealta Capital LLC bought a new stake in shares of Ovintiv in the 2nd quarter valued at about $39,000. Geneos Wealth Management Inc. boosted its holdings in Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after acquiring an additional 300 shares during the period. Atlas Capital Advisors LLC bought a new position in Ovintiv during the 1st quarter worth approximately $74,000. Finally, International Assets Investment Management LLC purchased a new position in Ovintiv in the 2nd quarter worth approximately $69,000. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Performance

OVV stock opened at $41.84 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95. The company has a market cap of $11.03 billion, a P/E ratio of 5.84, a price-to-earnings-growth ratio of 7.75 and a beta of 2.61. The stock’s fifty day moving average price is $41.59 and its 200-day moving average price is $46.79.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. On average, equities analysts forecast that Ovintiv Inc. will post 4.98 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.87%. Ovintiv’s payout ratio is presently 16.76%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on OVV. JPMorgan Chase & Co. decreased their target price on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Royal Bank of Canada decreased their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. Bank of America reiterated a “neutral” rating and set a $55.00 target price on shares of Ovintiv in a report on Friday, June 14th. Citigroup reduced their price target on Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a report on Monday. Finally, Wolfe Research initiated coverage on Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price objective for the company. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Ovintiv currently has a consensus rating of “Moderate Buy” and an average target price of $58.00.

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.