Ovintiv Inc. (NYSE:OVV) Short Interest Update

Ovintiv Inc. (NYSE:OVV - Get Free Report) was the target of a large increase in short interest in the month of February. As of February 15th, there was short interest totalling 6,910,000 shares, an increase of 26.8% from the January 31st total of 5,450,000 shares. Approximately 2.7% of the shares of the company are short sold. Based on an average daily trading volume, of 2,670,000 shares, the days-to-cover ratio is currently 2.6 days.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OVV. Wealth Enhancement Advisory Services LLC grew its position in Ovintiv by 26.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,256 shares of the company's stock worth $508,000 after acquiring an additional 2,786 shares during the period. State of Alaska Department of Revenue grew its position in Ovintiv by 11.9% in the third quarter. State of Alaska Department of Revenue now owns 30,670 shares of the company's stock worth $1,174,000 after acquiring an additional 3,260 shares during the period. US Bancorp DE grew its position in Ovintiv by 13.9% in the third quarter. US Bancorp DE now owns 9,890 shares of the company's stock worth $379,000 after acquiring an additional 1,209 shares during the period. Janney Montgomery Scott LLC grew its position in Ovintiv by 7.3% in the third quarter. Janney Montgomery Scott LLC now owns 29,959 shares of the company's stock worth $1,148,000 after acquiring an additional 2,051 shares during the period. Finally, Asset Management One Co. Ltd. grew its position in Ovintiv by 13.7% in the third quarter. Asset Management One Co. Ltd. now owns 98,804 shares of the company's stock worth $3,785,000 after acquiring an additional 11,939 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on OVV shares. Citigroup decreased their price objective on Ovintiv from $55.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, November 26th. Mizuho reduced their price target on Ovintiv from $63.00 to $60.00 and set an "outperform" rating for the company in a report on Monday, December 16th. Truist Financial upped their price target on Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Bank of America raised Ovintiv from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $55.00 to $54.00 in a report on Monday, January 13th. Finally, National Bankshares upped their price target on Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Ovintiv has a consensus rating of "Moderate Buy" and a consensus price target of $56.88.

Ovintiv Price Performance

Shares of OVV stock traded up $0.56 during trading hours on Friday, reaching $38.55. The company had a trading volume of 3,690,368 shares, compared to its average volume of 2,786,386. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a fifty day moving average of $43.04 and a 200-day moving average of $41.97. The company has a market capitalization of $10.03 billion, a price-to-earnings ratio of 5.11 and a beta of 2.55. Ovintiv has a 12-month low of $36.62 and a 12-month high of $55.95.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 3.11%. Ovintiv's payout ratio is 28.57%.

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.