Entropy Technologies LP Buys 113,866 Shares of Ovintiv Inc. (NYSE:OVV)

Entropy Technologies LP boosted its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 319.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 149,457 shares of the company's stock after purchasing an additional 113,866 shares during the quarter. Ovintiv comprises about 0.6% of Entropy Technologies LP's holdings, making the stock its 23rd largest position. Entropy Technologies LP owned 0.06% of Ovintiv worth $5,726,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Innealta Capital LLC acquired a new position in shares of Ovintiv in the 2nd quarter valued at $39,000. UMB Bank n.a. grew its holdings in Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock valued at $50,000 after buying an additional 286 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Ovintiv during the 2nd quarter worth approximately $69,000. Covestor Ltd grew its holdings in shares of Ovintiv by 43.9% during the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company's stock worth $70,000 after purchasing an additional 560 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in Ovintiv by 24.0% in the 2nd quarter. Blue Trust Inc. now owns 1,793 shares of the company's stock valued at $93,000 after buying an additional 347 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Royal Bank of Canada decreased their price objective on Ovintiv from $62.00 to $61.00 and set a "sector perform" rating for the company in a research note on Thursday, August 1st. Mizuho cut their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 9th. Morgan Stanley reduced their target price on Ovintiv from $53.00 to $51.00 and set an "equal weight" rating on the stock in a research note on Monday, September 16th. Wolfe Research initiated coverage on shares of Ovintiv in a research report on Thursday, July 18th. They set an "outperform" rating and a $65.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their target price on shares of Ovintiv from $60.00 to $51.00 and set an "overweight" rating on the stock in a research note on Thursday, September 12th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $57.00.

Ovintiv Price Performance

Ovintiv stock traded down $0.74 during mid-day trading on Tuesday, hitting $41.95. 5,680,517 shares of the company were exchanged, compared to its average volume of 3,069,305. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. The business has a fifty day moving average of $40.52 and a 200 day moving average of $44.66. Ovintiv Inc. has a 1-year low of $36.90 and a 1-year high of $55.95. The company has a market capitalization of $11.06 billion, a PE ratio of 5.66, a price-to-earnings-growth ratio of 8.22 and a beta of 2.62.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Friday, December 13th. Ovintiv's payout ratio is presently 15.92%.

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.