45,000 Shares in Ovintiv Inc. $OVV Acquired by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. acquired a new stake in Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 45,000 shares of the company’s stock, valued at approximately $2,366,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Steph & Co. acquired a new stake in Ovintiv during the 1st quarter worth $29,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Ovintiv in the second quarter valued at about $32,000. Aberdeen Wealth Management LLC acquired a new stake in shares of Ovintiv in the second quarter valued at about $32,000. Los Angeles Capital Management LLC acquired a new stake in shares of Ovintiv in the fourth quarter valued at about $46,000. Finally, Deseret Mutual Benefit Administrators lifted its stake in shares of Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after buying an additional 287 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on OVV shares. Scotiabank upgraded shares of Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Citigroup raised their target price on shares of Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Mizuho boosted their target price on Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Roth Capital upped their price target on Ovintiv from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday, June 24th. Finally, Weiss Ratings raised Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $66.89.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the sale, the executive vice president owned 72,530 shares of the company’s stock, valued at $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.85% of the company’s stock.

Ovintiv Price Performance

Ovintiv stock opened at $64.47 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average price of $58.59 and a 200 day moving average price of $56.58. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $67.44. The stock has a market cap of $17.76 billion, a P/E ratio of 18.21 and a beta of 0.53.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. Sell-side analysts anticipate that Ovintiv Inc. will post 7.09 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio is presently 33.90%.

Ovintiv Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.