Invenomic Capital Management LP Acquires 210,451 Shares of Ovintiv Inc. (NYSE:OVV)

Invenomic Capital Management LP lifted its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 38.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 755,169 shares of the company’s stock after buying an additional 210,451 shares during the period. Ovintiv makes up approximately 2.1% of Invenomic Capital Management LP’s holdings, making the stock its 9th largest position. Invenomic Capital Management LP owned approximately 0.28% of Ovintiv worth $39,193,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Ovintiv by 3.8% in the 1st 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 raised its position in Ovintiv by 6.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,639,579 shares of the company’s stock worth $115,937,000 after buying an additional 168,320 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Ovintiv by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,676,420 shares of the company’s stock worth $73,628,000 after acquiring an additional 68,718 shares during the period. Ceredex Value Advisors LLC purchased a new stake in shares of Ovintiv in the fourth quarter valued at about $67,149,000. Finally, Balyasny Asset Management L.P. increased its stake in shares of 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. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

OVV has been the topic of a number of analyst reports. Bank of America reaffirmed a “neutral” rating and issued a $55.00 price objective on shares of Ovintiv in a report on Friday, June 14th. Morgan Stanley raised their target price on Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. TD Cowen increased their price target on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th. Scotiabank boosted their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Friday, July 12th. Finally, Truist Financial dropped their target price on shares of Ovintiv from $68.00 to $60.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $60.33.

Insider Activity

In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction on Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the transaction, the director now owns 45,279 shares in the company, valued at approximately $2,315,568.06. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Steven W. Nance sold 12,000 shares of the stock in a transaction that occurred on 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 owns 8,929 shares of the company’s stock, valued at approximately $446,450. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Howard John Mayson sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares in the company, valued at approximately $2,315,568.06. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Ovintiv Trading Up 1.2 %

NYSE OVV traded up $0.54 during mid-day trading on Tuesday, reaching $45.95. 3,880,336 shares of the stock were exchanged, compared to its average volume of 3,022,620. The stock has a market capitalization of $12.27 billion, a PE ratio of 6.34, a PEG ratio of 7.56 and a beta of 2.63. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv Inc. has a 1-year low of $39.68 and a 1-year high of $55.95. The business’s fifty day simple moving average is $47.48 and its 200 day simple moving average is $48.09.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.12. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. On average, research analysts anticipate that Ovintiv Inc. will post 5.7 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend was Friday, June 14th. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

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.