Ovintiv Inc. (NYSE:OVV) Sees Significant Decrease in Short Interest

Ovintiv Inc. (NYSE:OVV) saw a large decrease in short interest during the month of February. As of February 13th, there was short interest totaling 10,205,406 shares, a decrease of 36.3% from the January 29th total of 16,010,265 shares. Based on an average trading volume of 5,919,803 shares, the days-to-cover ratio is currently 1.7 days. Currently, 4.1% of the shares of the stock are short sold. Currently, 4.1% of the shares of the stock are short sold. Based on an average trading volume of 5,919,803 shares, the days-to-cover ratio is currently 1.7 days.

Insider Transactions at Ovintiv

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the company’s stock in a transaction on Friday, December 12th. The stock was sold at an average price of $40.33, for a total value 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 represents a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Several hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC boosted its holdings in Ovintiv by 70.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after purchasing an additional 3,788 shares during the period. Great Lakes Advisors LLC purchased a new stake in shares of Ovintiv in the first quarter worth $202,000. Focus Partners Wealth boosted its stake in Ovintiv by 49.3% during the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after buying an additional 6,364 shares during the period. Geneos Wealth Management Inc. grew its position in Ovintiv by 47.5% during the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after buying an additional 589 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its stake in Ovintiv by 2.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 21,141 shares of the company’s stock worth $804,000 after acquiring an additional 468 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

OVV stock traded up $1.57 during midday trading on Monday, reaching $52.16. 6,153,327 shares of the company’s stock traded hands, compared to its average volume of 5,593,471. The firm has a market capitalization of $14.78 billion, a PE ratio of 10.78, a price-to-earnings-growth ratio of 2.74 and a beta of 0.69. The company has a 50-day moving average price of $43.16 and a two-hundred day moving average price of $40.93. Ovintiv has a 52 week low of $29.80 and a 52 week high of $52.39. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.41. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same period in the previous year, the business earned ($0.23) earnings per share. As a group, equities analysts anticipate that Ovintiv will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, March 13th. Ovintiv’s dividend payout ratio is presently 24.79%.

Analysts Set New Price Targets

OVV has been the subject of several research analyst reports. Citigroup reduced their price target on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. JPMorgan Chase & Co. began coverage on shares of Ovintiv in a research report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 target price for the company. Jefferies Financial Group reaffirmed a “buy” rating and set a $54.00 target price on shares of Ovintiv in a research report on Saturday, January 17th. Wells Fargo & Company raised their price target on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 18th. Finally, Scotiabank upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and an average target price of $52.72.

About Ovintiv

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.