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

Ovintiv Inc. (NYSE:OVV) was the recipient of unusually large options trading on Wednesday. Stock traders purchased 2,696 call options on the company. This is an increase of 42% compared to the average volume of 1,900 call options.

Hedge Funds Weigh In On Ovintiv

Several large investors have recently bought and sold shares of the stock. Innealta Capital LLC bought a new position in shares of Ovintiv during the 2nd quarter worth about $39,000. Geneos Wealth Management Inc. increased its stake in Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after acquiring an additional 300 shares during the period. UMB Bank n.a. raised its holdings in Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after acquiring an additional 286 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Ovintiv in the 2nd quarter worth approximately $69,000. Finally, Atlas Capital Advisors LLC bought a new stake in shares of Ovintiv in the 1st quarter worth approximately $74,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Performance

OVV stock traded down $0.17 during midday trading on Wednesday, hitting $40.25. 120,569 shares of the company traded hands, compared to its average volume of 3,087,560. The business has a 50 day simple moving average of $41.31 and a 200-day simple moving average of $45.94. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95. The stock has a market capitalization of $10.61 billion, a price-to-earnings ratio of 5.70, a price-to-earnings-growth ratio of 7.84 and a beta of 2.61.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.53 billion. As a group, equities research analysts predict that Ovintiv will post 4.87 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.30 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.98%. Ovintiv’s dividend payout ratio is 16.93%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Royal Bank of Canada lowered their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. JPMorgan Chase & Co. cut their price objective on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Wolfe Research initiated coverage on shares of Ovintiv in a research report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price target for the company. Mizuho reduced their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Finally, UBS Group dropped their price target on Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus price target of $57.00.

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.