SIR Capital Management L.P. Makes New $18.58 Million Investment in Ovintiv Inc. (NYSE:OVV)

SIR Capital Management L.P. acquired a new position in Ovintiv Inc. (NYSE:OVV - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 458,757 shares of the company's stock, valued at approximately $18,580,000. Ovintiv accounts for 1.9% of SIR Capital Management L.P.'s holdings, making the stock its 16th largest holding. SIR Capital Management L.P. owned 0.18% of Ovintiv at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Colonial Trust Co SC bought a new position in shares of Ovintiv in the 4th quarter worth about $28,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock valued at $29,000 after purchasing an additional 360 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after purchasing an additional 335 shares during the period. Mizuho Bank Ltd. purchased a new stake in Ovintiv in the fourth quarter worth approximately $40,000. Finally, Optiver Holding B.V. bought a new stake in Ovintiv in the 4th quarter worth approximately $40,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Price Performance

Ovintiv stock traded down $0.59 during midday trading on Wednesday, reaching $36.35. 1,342,818 shares of the stock traded hands, compared to its average volume of 3,232,096. The stock has a market cap of $9.45 billion, a P/E ratio of 4.84 and a beta of 1.14. The stock's fifty day moving average is $36.93 and its 200-day moving average is $40.55. 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 Inc. has a 12 month low of $29.80 and a 12 month high of $51.72.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. As a group, equities research analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's dividend payout ratio is 51.06%.

Wall Street Analyst Weigh In

OVV has been the subject of a number of recent research reports. Barclays cut their price target on Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Williams Trading set a $58.00 price target on shares of Ovintiv in a research report on Wednesday, March 5th. Wells Fargo & Company lifted their price target on shares of Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. reduced their price objective on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Ovintiv presently has an average rating of "Buy" and a consensus price target of $55.65.

Ovintiv Company 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.