GAMMA Investing LLC Has $10.17 Million Stake in Ovintiv Inc. (NYSE:OVV)

GAMMA Investing LLC lifted its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 7,266.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 237,583 shares of the company's stock after purchasing an additional 234,358 shares during the period. GAMMA Investing LLC owned 0.09% of Ovintiv worth $10,169,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in OVV. Ninepoint Partners LP increased its stake in Ovintiv by 16.9% during the 4th quarter. Ninepoint Partners LP now owns 225,000 shares of the company's stock worth $9,112,000 after acquiring an additional 32,500 shares during the period. Westpac Banking Corp lifted its holdings in Ovintiv by 64.8% during the 4th quarter. Westpac Banking Corp now owns 31,369 shares of the company's stock worth $1,270,000 after buying an additional 12,340 shares during the period. BNP Paribas Financial Markets acquired a new position in Ovintiv during the 4th quarter worth about $25,272,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Ovintiv by 19.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock worth $8,768,000 after acquiring an additional 34,207 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Ovintiv by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock worth $77,508,000 after acquiring an additional 45,147 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Ovintiv Trading Up 3.0%

NYSE OVV opened at $38.19 on Friday. The stock's 50-day simple moving average is $35.41 and its two-hundred day simple moving average is $39.98. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $49.57. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $9.92 billion, a price-to-earnings ratio of 5.06 and a beta of 1.14.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. The firm had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.23 billion. Research analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.30 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.14%. Ovintiv's payout ratio is presently 51.06%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on OVV shares. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and upped their price target for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. Scotiabank raised Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Williams Trading set a $58.00 price objective on Ovintiv in a research note on Wednesday, March 5th. Barclays dropped their price objective on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, Wells Fargo & Company raised their price target on Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 22nd. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $55.65.

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.

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