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

Ovintiv Inc. (NYSE:OVV) was the target of some unusual options trading on Monday. Stock investors acquired 6,892 put options on the company. This represents an increase of approximately 689% compared to the average volume of 873 put options.

Ovintiv Stock Up 2.1%

OVV traded up $0.79 during midday trading on Monday, reaching $38.76. The company’s stock had a trading volume of 2,723,006 shares, compared to its average volume of 3,428,226. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $9.82 billion, a price-to-earnings ratio of 42.59, a PEG ratio of 1.66 and a beta of 0.77. Ovintiv has a 1 year low of $29.80 and a 1 year high of $46.35. The stock’s 50-day moving average is $38.83 and its 200-day moving average is $39.82.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.06. The company had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $1.86 billion. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%. As a group, research analysts expect that Ovintiv will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, December 15th. Ovintiv’s payout ratio is currently 131.87%.

Insider Activity at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the transaction, the chief operating officer owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of OVV. Northwestern Mutual Wealth Management Co. lifted its holdings in Ovintiv by 15.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 15,604 shares of the company’s stock valued at $668,000 after purchasing an additional 2,107 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Ovintiv by 54.3% in the first quarter. BNP Paribas Financial Markets now owns 962,871 shares of the company’s stock valued at $41,211,000 after acquiring an additional 338,866 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its stake in shares of Ovintiv by 10.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 51,937 shares of the company’s stock worth $2,223,000 after acquiring an additional 5,080 shares during the last quarter. State of Wyoming increased its position in shares of Ovintiv by 28.1% during the first quarter. State of Wyoming now owns 4,672 shares of the company’s stock worth $200,000 after purchasing an additional 1,025 shares in the last quarter. Finally, Panagora Asset Management Inc. raised its stake in Ovintiv by 4.7% in the 1st quarter. Panagora Asset Management Inc. now owns 428,864 shares of the company’s stock valued at $18,355,000 after purchasing an additional 19,417 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on OVV. National Bankshares dropped their target price on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday, October 22nd. Mizuho dropped their target price on Ovintiv from $58.00 to $50.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Barclays lowered their price target on Ovintiv from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, October 7th. Citigroup reduced their price objective on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Finally, Morgan Stanley cut their target price on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.89.

Ovintiv Company 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.