Magnetar Financial LLC Makes New Investment in Ovintiv Inc. (NYSE:OVV)

Magnetar Financial LLC bought a new stake in shares of Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 113,557 shares of the company’s stock, valued at approximately $5,322,000.

Other hedge funds have also recently made changes to their positions in the company. Janney Montgomery Scott LLC raised its stake in Ovintiv by 20.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 21,859 shares of the company’s stock valued at $960,000 after buying an additional 3,668 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Ovintiv by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,374 shares of the company’s stock worth $631,000 after purchasing an additional 1,416 shares during the last quarter. UBS Group AG boosted its stake in Ovintiv by 4.3% in the 4th quarter. UBS Group AG now owns 357,561 shares of the company’s stock worth $15,704,000 after purchasing an additional 14,879 shares in the last quarter. Coldstream Capital Management Inc. purchased a new stake in Ovintiv during the 4th quarter valued at about $208,000. Finally, Trexquant Investment LP bought a new stake in Ovintiv during the 4th quarter valued at about $305,000. 83.81% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. TD Cowen boosted their price target on Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Morgan Stanley lowered their target price 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. UBS Group decreased their price objective on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Evercore ISI restated an “outperform” rating and issued a $60.00 target price on shares of Ovintiv in a report on Wednesday, July 10th. Finally, Wells Fargo & Company decreased their target price on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.83.

Ovintiv Stock Up 0.3 %

Shares of OVV stock opened at $40.52 on Monday. The company’s fifty day simple moving average is $43.00 and its two-hundred day simple moving average is $47.57. Ovintiv Inc. has a 52 week low of $37.81 and a 52 week high of $55.95. The stock has a market cap of $10.68 billion, a P/E ratio of 5.66, a PEG ratio of 6.50 and a beta of 2.62. 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 (NYSE:OVV) last posted its earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Analysts predict that Ovintiv Inc. will post 5.63 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Friday, September 13th. Ovintiv’s dividend payout ratio is presently 16.76%.

Ovintiv Company 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.