PDT Partners LLC Makes New $1.08 Million Investment in Ovintiv Inc. (NYSE:OVV)

PDT Partners LLC bought a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 28,207 shares of the company's stock, valued at approximately $1,081,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James & Associates increased its position in shares of Ovintiv by 1.2% during the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company's stock worth $7,529,000 after purchasing an additional 2,275 shares during the last quarter. Quarry LP increased its position in shares of Ovintiv by 89.1% during the second quarter. Quarry LP now owns 40,902 shares of the company's stock valued at $1,917,000 after acquiring an additional 19,272 shares during the last quarter. Wedge Capital Management L L P NC raised its stake in shares of Ovintiv by 25.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company's stock valued at $25,090,000 after acquiring an additional 106,900 shares during the period. Canandaigua National Bank & Trust Co. acquired a new position in shares of Ovintiv in the 2nd quarter worth approximately $1,441,000. Finally, Smead Capital Management Inc. boosted its position in shares of Ovintiv by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company's stock worth $241,476,000 after purchasing an additional 212,535 shares during the period. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Down 2.6 %

NYSE:OVV traded down $1.19 during midday trading on Monday, hitting $44.23. 2,433,394 shares of the company were exchanged, compared to its average volume of 3,074,245. Ovintiv Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The company has a market capitalization of $11.51 billion, a PE ratio of 5.87 and a beta of 2.62. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a fifty day simple moving average of $41.94 and a 200 day simple moving average of $44.04.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Friday, December 13th. Ovintiv's dividend payout ratio (DPR) is currently 15.92%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on OVV shares. Scotiabank boosted their target price on Ovintiv from $50.00 to $53.00 and gave the company a "sector outperform" rating in a research report on Monday, November 18th. Evercore ISI cut their price objective on Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a report on Monday, September 30th. Wells Fargo & Company decreased their target price 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. Siebert Williams Shank raised shares of Ovintiv to a "strong-buy" rating in a research report on Tuesday, October 15th. Finally, UBS Group raised their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company a "buy" rating in a research note on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $56.65.

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.