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

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

Other hedge funds and other institutional investors also recently modified their holdings of the company. B. Riley Wealth Advisors Inc. bought a new stake in Ovintiv in the 1st quarter valued at about $396,000. Tidal Investments LLC increased its stake in shares of Ovintiv by 7.0% in the first quarter. Tidal Investments LLC now owns 7,648 shares of the company’s stock valued at $397,000 after purchasing an additional 497 shares during the period. Atria Investments Inc raised its holdings in shares of Ovintiv by 6.6% during the first quarter. Atria Investments Inc now owns 43,911 shares of the company’s stock valued at $2,279,000 after buying an additional 2,722 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of Ovintiv by 678.9% during the first quarter. Cetera Investment Advisers now owns 37,113 shares of the company’s stock worth $1,926,000 after buying an additional 32,348 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Ovintiv by 16.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,684 shares of the company’s stock worth $173,000 after buying an additional 514 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Trading Down 0.2 %

Shares of NYSE OVV opened at $45.42 on Monday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month high of $55.95. The company has a market cap of $11.82 billion, a price-to-earnings ratio of 6.02 and a beta of 2.62. The business 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. Shareholders of record on Friday, December 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s payout ratio is 15.92%.

Analyst Ratings Changes

Several analysts have weighed in on OVV shares. Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Truist Financial upped their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, November 15th. UBS Group raised their target price 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. Wells Fargo & Company reduced their price target on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. Finally, Morgan Stanley lowered their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price of $56.65.

Ovintiv Profile

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.