45,000 Shares in Ovintiv Inc. $OVV Bought by Polar Asset Management Partners Inc.

Key Points

• Polar Asset Management Partners initiated a new Ovintiv position by purchasing 45,000 shares valued at approximately $2.37 million. Institutional investors collectively own 83.81% of the company.
• Ovintiv reported quarterly EPS of $1.74, missing the $1.94 analyst consensus, though revenue of $3.01 billion exceeded expectations of $2.37 billion.
• The company declared a quarterly dividend of $0.30 per share, equivalent to $1.20 annually and a 1.9% yield. Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $66.89.

Polar Asset Management Partners Inc. purchased a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 45,000 shares of the company's stock, valued at approximately $2,366,000.

Other large investors have also added to or reduced their stakes in the company. Stifel Financial Corp lifted its holdings in shares of Ovintiv by 1.4% during the fourth quarter. Stifel Financial Corp now owns 19,113 shares of the company's stock worth $749,000 after purchasing an additional 269 shares during the period. CX Institutional increased its holdings in Ovintiv by 1.0% in the 2nd quarter. CX Institutional now owns 28,363 shares of the company's stock worth $1,493,000 after buying an additional 276 shares during the period. Root Financial Partners LLC raised its position in Ovintiv by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company's stock worth $54,000 after buying an additional 277 shares during the last quarter. Deseret Mutual Benefit Administrators raised its position in Ovintiv by 27.6% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock worth $52,000 after buying an additional 287 shares during the last quarter. Finally, Sanctuary Advisors LLC lifted its stake in Ovintiv by 2.6% during the 1st quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company's stock valued at $773,000 after acquiring an additional 324 shares during the period. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Performance

NYSE OVV opened at $64.47 on Wednesday. The stock has a market capitalization of $17.76 billion, a price-to-earnings ratio of 18.21 and a beta of 0.53. The stock has a 50-day moving average of $58.59 and a 200 day moving average of $56.58. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv Inc. has a twelve month low of $35.47 and a twelve month high of $67.44.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). The business had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. Sell-side analysts anticipate that Ovintiv Inc. will post 7.09 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv's payout ratio is presently 33.90%.

Insider Buying and Selling

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the company's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the transaction, the executive vice president directly owned 72,530 shares in the company, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Ovintiv from a "hold" rating to a "buy" rating in a research note on Saturday, July 25th. Zacks Research downgraded shares of Ovintiv from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 15th. Truist Financial reaffirmed a "buy" rating and issued a $73.00 price target (up from $66.00) on shares of Ovintiv in a report on Monday, July 27th. Citigroup increased their price target on Ovintiv from $66.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Finally, Barclays lifted their price objective on Ovintiv from $68.00 to $75.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $66.89.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv's upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company's core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.

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