Graham Capital Management L.P. Acquires New Stake in Ovintiv Inc. (NYSE:OVV)

Graham Capital Management L.P. bought a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 47,878 shares of the company's stock, valued at approximately $1,939,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its position in shares of Ovintiv by 0.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company's stock worth $2,647,000 after purchasing an additional 231 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its position in Ovintiv by 2.8% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company's stock valued at $412,000 after buying an additional 276 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Ovintiv by 13.4% in the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company's stock worth $97,000 after acquiring an additional 282 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in Ovintiv by 1.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company's stock worth $830,000 after acquiring an additional 300 shares in the last quarter. Finally, Bessemer Group Inc. grew its stake in shares of Ovintiv by 0.4% during the fourth quarter. Bessemer Group Inc. now owns 70,053 shares of the company's stock worth $2,837,000 after acquiring an additional 310 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Wall Street Analysts Forecast Growth

OVV has been the subject of a number of recent analyst reports. Mizuho lowered their target price on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research note on Tuesday. JPMorgan Chase & Co. cut their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Morgan Stanley reaffirmed an "overweight" rating and set a $50.00 price target on shares of Ovintiv in a research report on Tuesday, April 15th. Barclays cut their price objective on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company lifted their target price on Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 22nd. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $55.65.

Ovintiv Price Performance

Shares of NYSE:OVV traded down $1.35 during midday trading on Thursday, reaching $37.63. 3,552,945 shares of the company's stock traded hands, compared to its average volume of 3,225,255. The company has a fifty day simple moving average of $37.06 and a two-hundred day simple moving average of $40.59. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $51.72. The company has a market cap of $9.78 billion, a P/E ratio of 4.99 and a beta of 1.14. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. Equities analysts predict that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 annualized dividend and a yield of 3.19%. Ovintiv's payout ratio is 51.06%.

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.