485,000 Shares in Ovintiv Inc. (NYSE:OVV) Acquired by SIR Capital Management L.P.

SIR Capital Management L.P. bought a new position in shares of Ovintiv Inc. (NYSE:OVV) in the second quarter, Holdings Channel reports. The fund bought 485,000 shares of the company’s stock, valued at approximately $22,732,000. Ovintiv makes up approximately 2.3% of SIR Capital Management L.P.’s investment portfolio, making the stock its 12th biggest holding.

A number of other large investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its holdings in Ovintiv by 7.5% during the first quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock worth $165,000 after buying an additional 220 shares in the last quarter. Covestor Ltd boosted its holdings in Ovintiv by 23.1% during the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after buying an additional 293 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after buying an additional 300 shares in the last quarter. Blue Trust Inc. boosted its holdings in Ovintiv by 24.0% during the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock worth $93,000 after buying an additional 347 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in Ovintiv by 2.1% during the second quarter. Signaturefd LLC now owns 18,288 shares of the company’s stock worth $857,000 after buying an additional 376 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OVV has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their price objective on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Bank of America reaffirmed a “neutral” rating and issued a $55.00 price objective on shares of Ovintiv in a research note on Friday, June 14th. TD Cowen raised their price objective on shares of Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Evercore ISI reaffirmed an “outperform” rating and issued a $60.00 price objective on shares of Ovintiv in a research note on Wednesday, July 10th. Finally, Wolfe Research began coverage on shares of Ovintiv in a research report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus price target of $60.56.

Ovintiv Stock Performance

Shares of OVV opened at $40.28 on Tuesday. The company has a market capitalization of $10.75 billion, a PE ratio of 5.63, a price-to-earnings-growth ratio of 6.48 and a beta of 2.62. Ovintiv Inc. has a one year low of $38.99 and a one year high of $55.95. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The company’s fifty day moving average price is $44.43 and its 200 day moving average price is $48.12.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. As a group, analysts expect that Ovintiv Inc. will post 5.81 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 2.98%. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

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.