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

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

Insider Transactions at Ovintiv

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of Ovintiv 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 completion of the transaction, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at $4,269,616.11. The trade was a 32.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ovintiv

Institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its stake in shares of Ovintiv by 17.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after acquiring an additional 1,669,469 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Ovintiv by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock valued at $387,601,000 after purchasing an additional 203,256 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Ovintiv by 14.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock valued at $264,281,000 after purchasing an additional 855,043 shares during the period. Millennium Management LLC raised its position in Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its holdings in Ovintiv by 13.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock worth $214,060,000 after buying an additional 650,000 shares during the period. 83.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

OVV has been the subject of a number of analyst reports. Evercore reaffirmed an “outperform” rating and issued a $47.00 price target on shares of Ovintiv in a research note on Thursday, November 6th. William Blair assumed coverage on shares of Ovintiv in a report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 target price on the stock. TD Cowen raised shares of Ovintiv to a “strong-buy” rating in a report on Monday, February 9th. Jefferies Financial Group reiterated a “buy” rating and set a $54.00 price target on shares of Ovintiv in a research report on Saturday, January 17th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Ovintiv in a research report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.72.

Ovintiv Trading Up 3.1%

OVV opened at $52.16 on Tuesday. The company has a market cap of $14.78 billion, a P/E ratio of 10.78, a PEG ratio of 2.74 and a beta of 0.69. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The company’s 50 day moving average is $43.16 and its 200-day moving average is $40.93. Ovintiv has a 1-year low of $29.80 and a 1-year high of $52.39.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.41. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same quarter in the previous year, the company posted ($0.23) EPS. Equities research analysts predict that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors 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 yield of 2.3%. The ex-dividend date is Friday, March 13th. Ovintiv’s dividend payout ratio (DPR) is 24.79%.

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.