SIR Capital Management L.P. Invests $37.72 Million in Ovintiv Inc. $OVV

Key Points

• SIR Capital Management acquired 716,400 Ovintiv shares worth approximately $37.72 million, making the energy producer its fourth-largest holding and representing 4.3% of its portfolio.
• Analyst sentiment is positive: Ovintiv has a consensus “Moderate Buy” rating and an average price target of $66.89, with several firms recently raising their targets.
• Ovintiv reported quarterly EPS of $1.74, below the $1.94 estimate, but revenue of $3.01 billion exceeded expectations. The company also declared a quarterly dividend of $0.30 per share, yielding about 1.8% annually.

SIR Capital Management L.P. acquired a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 716,400 shares of the company's stock, valued at approximately $37,718,000. Ovintiv accounts for approximately 4.3% of SIR Capital Management L.P.'s portfolio, making the stock its 4th biggest holding. SIR Capital Management L.P. owned 0.26% of Ovintiv at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of OVV. UBS Group AG lifted its position in shares of Ovintiv by 8.3% in the fourth quarter. UBS Group AG now owns 997,177 shares of the company's stock worth $39,079,000 after buying an additional 76,846 shares during the last quarter. Hillsdale Investment Management Inc. raised its position in Ovintiv by 317.3% in the fourth quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company's stock worth $7,373,000 after purchasing an additional 142,800 shares in the last quarter. Intech Investment Management LLC acquired a new position in Ovintiv during the fourth quarter worth $5,045,000. Pacific Heights Asset Management LLC increased its position in shares of Ovintiv by 23.7% during the 4th quarter. Pacific Heights Asset Management LLC now owns 600,000 shares of the company's stock worth $23,514,000 after purchasing an additional 115,000 shares in the last quarter. Finally, PensionDanmark Pensionsforsikringsaktieselskab acquired a new stake in shares of Ovintiv during the second quarter worth approximately $4,738,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on OVV shares. Scotiabank raised Ovintiv from an "outperform" rating to a "buy" rating in a report on Wednesday, May 20th. Barclays lifted their price objective on Ovintiv from $68.00 to $75.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 26th. Royal Bank Of Canada increased their target price on shares of Ovintiv from $70.00 to $85.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Weiss Ratings upgraded Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, July 28th. Finally, Stephens reiterated a "positive" rating and set a $69.00 target price on shares of Ovintiv in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Ovintiv currently has a consensus rating of "Moderate Buy" and an average price target of $66.89.

Ovintiv Stock Down 1.4%

Shares of OVV stock opened at $65.91 on Tuesday. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $67.44. The stock has a market cap of $18.16 billion, a price-to-earnings ratio of 18.62 and a beta of 0.53. The firm's 50-day moving average is $58.37 and its 200-day moving average is $56.45. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01.

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

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 1.8%. Ovintiv's dividend payout ratio is presently 33.90%.

Insider Activity

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the firm's stock in a transaction dated 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 sale, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.85% of the company's stock.

About Ovintiv

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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