Quarry LP Grows Stock Position in Ovintiv Inc. (NYSE:OVV)

Quarry LP lifted its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 89.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,902 shares of the company's stock after purchasing an additional 19,272 shares during the period. Quarry LP's holdings in Ovintiv were worth $1,917,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of OVV. American National Bank bought a new stake in shares of Ovintiv during the 1st quarter worth $27,000. Innealta Capital LLC purchased a new stake in Ovintiv in the second quarter worth approximately $39,000. Geneos Wealth Management Inc. boosted its stake in shares of Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company's stock worth $45,000 after acquiring an additional 300 shares during the last quarter. Atlas Capital Advisors LLC purchased a new position in shares of Ovintiv during the 1st quarter valued at $74,000. Finally, International Assets Investment Management LLC bought a new stake in Ovintiv in the 2nd quarter valued at $69,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of recent analyst reports. Scotiabank lifted their price target on shares of Ovintiv from $58.00 to $60.00 and gave the stock a "sector outperform" rating in a research note on Friday, July 12th. JPMorgan Chase & Co. cut their price target 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. UBS Group cut their price objective on shares of Ovintiv from $61.00 to $57.00 and set a "buy" rating on the stock in a research note on Wednesday, September 18th. Wolfe Research started coverage on shares of Ovintiv in a report on Thursday, July 18th. They set an "outperform" rating and a $65.00 price target on the stock. Finally, Evercore ISI reduced their target price on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating for the company in a research report on Monday. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $58.67.

Ovintiv Stock Down 0.2 %

Shares of NYSE:OVV traded down $0.06 during trading on Monday, hitting $38.31. 2,838,104 shares of the company were exchanged, compared to its average volume of 3,090,275. The stock has a market capitalization of $10.10 billion, a P/E ratio of 5.35, a PEG ratio of 7.23 and a beta of 2.62. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95. The firm's 50 day moving average price is $42.11 and its 200-day moving average price is $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. On average, research analysts predict that Ovintiv Inc. will post 5.26 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.13%. Ovintiv's payout ratio is 16.76%.

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.