Dark Forest Capital Management LP Invests $367,000 in Ovintiv Inc. (NYSE:OVV)

Dark Forest Capital Management LP purchased a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 9,070 shares of the company's stock, valued at approximately $367,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB boosted its position in Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after acquiring an additional 360 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after buying an additional 335 shares during the last quarter. Mizuho Bank Ltd. bought a new stake in shares of Ovintiv in the 4th quarter valued at about $40,000. Cullen Frost Bankers Inc. lifted its stake in Ovintiv by 3,571.4% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock valued at $42,000 after purchasing an additional 1,000 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Ovintiv by 451.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company's stock worth $46,000 after purchasing an additional 940 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv Price Performance

Shares of OVV traded up $1.14 during trading hours on Friday, hitting $35.52. 4,070,733 shares of the company were exchanged, compared to its average volume of 3,201,200. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $52.90. The company has a market cap of $9.25 billion, a price-to-earnings ratio of 4.71 and a beta of 2.04. The firm's fifty day moving average is $37.68 and its 200 day moving average is $40.81.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend was Friday, March 14th. Ovintiv's dividend payout ratio is currently 28.57%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Williams Trading set a $58.00 price objective on Ovintiv in a research note on Wednesday, March 5th. Truist Financial raised their price target on Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a report on Monday, January 13th. Wells Fargo & Company increased their price objective on shares of Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 22nd. National Bankshares lifted their target price on shares of Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Finally, Bank of America raised shares of Ovintiv from a "neutral" rating to a "buy" rating and lowered their price target for the company from $55.00 to $54.00 in a report on Monday, January 13th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Ovintiv has an average rating of "Buy" and a consensus target price of $55.76.

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.