26,320 Shares of Ovintiv Inc. $OVV Acquired by CenterBook Partners LP

Key Points

• CenterBook Partners acquired 26,320 Ovintiv shares in the third quarter, worth approximately $1.52 million. Hedge funds and other institutions collectively own 83.81% of the stock.
• Analysts give Ovintiv a “Moderate Buy” consensus rating, with an average price target of $74.33.
• Ovintiv declared a quarterly dividend of $0.30 per share, equivalent to $1.20 annually and a 2.0% yield.

CenterBook Partners LP acquired a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 26,320 shares of the company's stock, valued at approximately $1,522,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Ovintiv during the 2nd quarter worth approximately $1,422,959,000. Arrowstreet Capital Limited Partnership grew its holdings in Ovintiv by 16.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company's stock valued at $467,874,000 after buying an additional 1,137,162 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Ovintiv by 8.8% during the 1st quarter. Bank of New York Mellon Corp now owns 2,945,692 shares of the company's stock valued at $174,856,000 after buying an additional 239,054 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Ovintiv by 119.7% in the second quarter. Van ECK Associates Corp now owns 1,717,400 shares of the company's stock worth $90,421,000 after acquiring an additional 935,860 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Ovintiv by 42.5% in the second quarter. Wellington Management Group LLP now owns 1,577,210 shares of the company's stock worth $83,040,000 after acquiring an additional 470,241 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ovintiv

In other news, EVP Rachel Moore sold 7,753 shares of the company's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the sale, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. This represents a 9.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.85% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

OVV has been the topic of several recent research reports. Roth Capital upped their price objective on Ovintiv from $55.00 to $65.00 and gave the company a "neutral" rating in a research report on Thursday, October 22nd. Morgan Stanley boosted their target price on shares of Ovintiv from $67.00 to $71.00 and gave the company an "equal weight" rating in a research note on Thursday, October 15th. Royal Bank Of Canada upped their target price on shares of Ovintiv from $85.00 to $90.00 and gave the company an "outperform" rating in a report on Tuesday, October 13th. Citigroup raised their price target on shares of Ovintiv from $66.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Finally, Stifel Nicolaus initiated coverage on shares of Ovintiv in a report on Wednesday, September 9th. They set a "buy" rating and a $92.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $74.33.

Ovintiv Price Performance

OVV stock opened at $60.45 on Tuesday. The stock has a market capitalization of $16.24 billion, a price-to-earnings ratio of 8.87 and a beta of 0.57. The company has a quick ratio of 1.01, a current ratio of 0.84 and a debt-to-equity ratio of 0.31. Ovintiv Inc. has a 52-week low of $36.81 and a 52-week high of $73.61. The stock's fifty day simple moving average is $64.73 and its 200-day simple moving average is $58.12.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Tuesday, December 15th. Ovintiv's dividend payout ratio is presently 24.19%.

About Ovintiv

Ovintiv Inc is an independent oil and natural gas producer focused on developing and producing crude oil, natural gas and natural gas liquids in North America. Its operations include exploration, drilling and production, supported by infrastructure and marketing activities related to its energy products.

The company's principal operating areas include the Permian Basin and Anadarko Basin in the United States, as well as the Montney formation in Canada. Its production serves energy markets through sales of oil, natural gas and natural gas liquids.

Ovintiv was formerly known as Encana Corporation and adopted its current name in 2020.

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