Graham Capital Management L.P. Has $509,000 Stock Position in Ovintiv Inc. $OVV

Key Points

• Graham Capital Management L.P. reduced its holdings in Ovintiv Inc. by 75.1% during the 1st quarter, affecting their stake to just 11,899 shares worth $509,000.
• Analysts have varied ratings for Ovintiv, with a consensus target price set at $53.07 and two analysts rating it a Strong Buy.
• Ovintiv recently declared a quarterly dividend of $0.30 per share, resulting in a 2.9% dividend yield, with the payout ratio currently at 53.10%.

Graham Capital Management L.P. lowered its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 75.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,899 shares of the company's stock after selling 35,979 shares during the period. Graham Capital Management L.P.'s holdings in Ovintiv were worth $509,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. DRW Securities LLC raised its stake in shares of Ovintiv by 26.5% during the 1st quarter. DRW Securities LLC now owns 59,475 shares of the company's stock worth $2,546,000 after purchasing an additional 12,456 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in shares of Ovintiv by 4.7% during the 1st quarter. Panagora Asset Management Inc. now owns 428,864 shares of the company's stock worth $18,355,000 after acquiring an additional 19,417 shares during the last quarter. State of Wyoming increased its holdings in shares of Ovintiv by 28.1% during the 1st quarter. State of Wyoming now owns 4,672 shares of the company's stock worth $200,000 after acquiring an additional 1,025 shares during the last quarter. OMERS ADMINISTRATION Corp increased its holdings in shares of Ovintiv by 10.8% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 51,937 shares of the company's stock worth $2,223,000 after acquiring an additional 5,080 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Ovintiv by 54.3% during the 1st quarter. BNP Paribas Financial Markets now owns 962,871 shares of the company's stock worth $41,211,000 after acquiring an additional 338,866 shares during the last quarter. Institutional investors own 83.81% of the company's stock.

Wall Street Analyst Weigh In

OVV has been the topic of a number of recent analyst reports. Morgan Stanley set a $48.00 target price on Ovintiv and gave the stock an "equal weight" rating in a report on Monday, August 18th. TD Cowen raised Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Scotiabank boosted their target price on Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a report on Friday, July 11th. Wells Fargo & Company decreased their target price on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, June 16th. Finally, The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and upped their price objective for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Ovintiv presently has an average rating of "Buy" and a consensus target price of $53.07.

Ovintiv Stock Performance

NYSE OVV traded down $0.90 during trading on Thursday, reaching $41.97. The company's stock had a trading volume of 1,433,556 shares, compared to its average volume of 3,500,950. The firm has a market capitalization of $10.79 billion, a price-to-earnings ratio of 18.56, a price-to-earnings-growth ratio of 5.32 and a beta of 1.08. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $47.18. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The firm has a 50 day moving average price of $40.56 and a 200 day moving average price of $38.84.

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 the consensus estimate of $1.04 by ($0.02). The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. As a group, equities analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's dividend payout ratio is 53.10%.

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.