Ovintiv Target of Unusually High Options Trading (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV - Get Free Report) saw unusually large options trading on Wednesday. Investors acquired 2,696 call options on the stock. This is an increase of approximately 42% compared to the average volume of 1,900 call options.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on OVV. Scotiabank upped their target price on shares of Ovintiv from $58.00 to $60.00 and gave the stock a "sector outperform" rating in a report on Friday, July 12th. Morgan Stanley decreased their price objective on shares of Ovintiv from $53.00 to $51.00 and set an "equal weight" rating on the stock in a research note on Monday, September 16th. Truist Financial cut their target price on shares of Ovintiv from $62.00 to $47.00 and set a "buy" rating for the company in a research note on Monday, September 30th. Citigroup decreased their price target on Ovintiv from $58.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, October 7th. Finally, Wells Fargo & Company reduced their price objective on Ovintiv from $51.00 to $42.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 1st. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $57.00.

Institutional Investors Weigh In On Ovintiv

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Innealta Capital LLC bought a new position in Ovintiv during the 2nd quarter worth about $39,000. Geneos Wealth Management Inc. raised its position in Ovintiv by 53.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company's stock valued at $45,000 after buying an additional 300 shares during the last quarter. UMB Bank n.a. boosted its position in Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock worth $50,000 after acquiring an additional 286 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Ovintiv in the second quarter valued at approximately $69,000. Finally, Atlas Capital Advisors LLC bought a new stake in shares of Ovintiv in the first quarter worth $74,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Trading Down 1.9 %

NYSE:OVV traded down $0.78 during trading hours on Wednesday, hitting $39.64. The stock had a trading volume of 1,870,857 shares, compared to its average volume of 3,096,113. The business's 50 day moving average is $41.26 and its 200-day moving average is $45.90. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The company has a market cap of $10.45 billion, a price-to-earnings ratio of 5.59, a P/E/G ratio of 7.84 and a beta of 2.61. Ovintiv has a one year low of $36.90 and a one year high of $55.95.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. Sell-side analysts anticipate that Ovintiv will post 4.87 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Friday, September 13th. Ovintiv's payout ratio is currently 16.93%.

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.