Hartree Partners LP Raises Holdings in Ovintiv Inc. $OVV

Key Points

• Hartree Partners LP increased its position in Ovintiv Inc. by 113.2%, owning a total of 243,991 shares after acquiring an additional 129,528 shares during the first quarter.
• Ovintiv's recent quarterly dividend announced is $0.30, with a payment set for September 29th, resulting in an annualized dividend yield of 2.9%.
• Wall Street analysts show bullish sentiment on Ovintiv, with a consensus price target of $53.07 and multiple firms upgrading their ratings on the stock to "buy" or "strong buy."

Hartree Partners LP boosted its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 113.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 243,991 shares of the company's stock after purchasing an additional 129,528 shares during the period. Ovintiv makes up approximately 3.7% of Hartree Partners LP's holdings, making the stock its 9th largest position. Hartree Partners LP owned about 0.09% of Ovintiv worth $10,443,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in OVV. NewEdge Advisors LLC grew its position in Ovintiv by 8.8% in the 4th quarter. NewEdge Advisors LLC now owns 29,898 shares of the company's stock worth $1,211,000 after purchasing an additional 2,415 shares during the period. Marshall Wace LLP bought a new stake in Ovintiv in the 4th quarter worth approximately $4,360,000. First Trust Advisors LP grew its position in Ovintiv by 8.2% in the 4th quarter. First Trust Advisors LP now owns 996,445 shares of the company's stock worth $40,356,000 after purchasing an additional 75,920 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Ovintiv by 33.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 14,798 shares of the company's stock valued at $599,000 after acquiring an additional 3,737 shares during the period. Finally, Stifel Financial Corp grew its position in shares of Ovintiv by 2.8% during the 4th quarter. Stifel Financial Corp now owns 20,965 shares of the company's stock valued at $849,000 after acquiring an additional 580 shares during the period. Institutional investors own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of recent research reports. Mizuho cut their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. UBS Group boosted their price objective on shares of Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Barclays boosted their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Scotiabank boosted their price objective on shares of Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. Finally, The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $53.07.

Ovintiv Price Performance

OVV stock traded up $0.59 during mid-day trading on Wednesday, hitting $41.50. The company had a trading volume of 2,259,963 shares, compared to its average volume of 3,531,813. The company has a market capitalization of $10.67 billion, a price-to-earnings ratio of 18.36, a P/E/G ratio of 5.14 and a beta of 1.10. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $47.18. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average price of $40.03 and a 200 day moving average price of $38.98.

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

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders 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 annualized dividend and a yield of 2.9%. Ovintiv's payout ratio is presently 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.