Interval Partners LP Boosts Position in Ovintiv Inc. $OVV

Key Points

• Interval Partners LP acquired an additional 13,388 shares of Ovintiv Inc., increasing their ownership by 7.7%, totaling 187,301 shares worth approximately $8 million.
• Ovintiv recently declared a quarterly dividend of $0.30, translating to an annualized dividend of $1.20 and a yield of 2.8%.
• Analysts are optimistic about Ovintiv, with several, including Goldman Sachs and Barclays, raising their target prices and ratings for the stock.

Interval Partners LP raised its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 7.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187,301 shares of the company's stock after purchasing an additional 13,388 shares during the period. Interval Partners LP owned about 0.07% of Ovintiv worth $8,016,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Concurrent Investment Advisors LLC raised its position in Ovintiv by 5.6% in the 1st quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock valued at $239,000 after purchasing an additional 297 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Ovintiv by 43.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company's stock valued at $49,000 after purchasing an additional 349 shares in the last quarter. UMB Bank n.a. raised its position in Ovintiv by 16.9% in the 1st quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock valued at $124,000 after purchasing an additional 417 shares in the last quarter. Crossmark Global Holdings Inc. raised its position in Ovintiv by 0.6% in the 1st quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock valued at $2,962,000 after purchasing an additional 420 shares in the last quarter. Finally, Aberdeen Group plc raised its position in Ovintiv by 5.5% in the 1st quarter. Aberdeen Group plc now owns 9,168 shares of the company's stock valued at $392,000 after purchasing an additional 475 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv Stock Performance

OVV traded up $0.97 during trading on Wednesday, hitting $42.42. 954,499 shares of the stock were exchanged, compared to its average volume of 3,502,655. The firm has a market capitalization of $10.90 billion, a P/E ratio of 18.78, a PEG ratio of 5.27 and a beta of 1.08. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $47.18. The stock has a fifty day moving average price of $40.51 and a two-hundred day moving average price of $38.81. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. As a group, sell-side analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a $0.30 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. Ovintiv's payout ratio is 53.10%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on OVV shares. Scotiabank increased their price target on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. UBS Group raised their target price on Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Barclays raised their target price on Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Mizuho cut their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Finally, Citigroup set a $54.00 target price on Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Ovintiv presently has a consensus rating of "Buy" and a consensus target price of $53.07.

Ovintiv 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.