Moore Capital Management LP Buys New Stake in Ovintiv Inc. (NYSE:OVV)

Moore Capital Management LP 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 disclosure with the Securities and Exchange Commission (SEC). The firm bought 24,000 shares of the company's stock, valued at approximately $972,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership grew its position in Ovintiv by 1,732.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock worth $137,134,000 after purchasing an additional 3,203,087 shares during the period. Price T Rowe Associates Inc. MD grew its position in Ovintiv by 1,577.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock worth $99,587,000 after purchasing an additional 2,312,292 shares during the period. Alyeska Investment Group L.P. grew its position in Ovintiv by 243.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock worth $103,870,000 after purchasing an additional 1,818,337 shares during the period. AQR Capital Management LLC grew its position in Ovintiv by 69.7% in the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock worth $132,992,000 after purchasing an additional 1,348,221 shares during the period. Finally, Webs Creek Capital Management LP bought a new stake in Ovintiv in the 4th quarter worth approximately $54,086,000. Institutional investors own 83.81% of the company's stock.

Ovintiv Price Performance

Shares of NYSE OVV traded down $0.30 during trading on Friday, hitting $37.33. The company had a trading volume of 4,871,972 shares, compared to its average volume of 3,236,795. The stock has a fifty day simple moving average of $37.02 and a two-hundred day simple moving average of $40.57. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $51.72. The firm has a market capitalization of $9.70 billion, a price-to-earnings ratio of 4.95 and a beta of 1.14. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share 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 firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.23 billion. On average, research analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders 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 dividend yield of 3.21%. Ovintiv's dividend payout ratio is currently 51.06%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on OVV shares. Morgan Stanley reissued an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a research report on Tuesday, April 15th. BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Barclays cut their price objective on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Scotiabank upgraded shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Finally, Wells Fargo & Company lifted their target price on shares of Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $55.65.

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.