Traders Purchase Large Volume of Ovintiv Put Options (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV) was the recipient of unusually large options trading on Monday. Investors bought 6,892 put options on the company. This represents an increase of approximately 689% compared to the average volume of 873 put options.

Ovintiv Stock Performance

Shares of NYSE:OVV traded up $0.79 on Monday, reaching $38.76. The company’s stock had a trading volume of 2,723,006 shares, compared to its average volume of 3,428,226. Ovintiv has a 52-week low of $29.80 and a 52-week high of $46.35. The stock has a market capitalization of $9.82 billion, a P/E ratio of 42.59, a PEG ratio of 1.66 and a beta of 0.77. The stock’s 50-day moving average is $38.83 and its two-hundred day moving average is $39.82. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.45 and a quick ratio of 0.45.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%.The business had revenue of $2.07 billion for the quarter, compared to analyst estimates of $1.86 billion. As a group, sell-side analysts forecast that Ovintiv will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.20 annualized dividend and a dividend yield of 3.1%. Ovintiv’s payout ratio is presently 131.87%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company increased their target price on shares of Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 18th. Barclays cut their price target on Ovintiv from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Zacks Research raised Ovintiv from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. National Bankshares dropped their price target on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 22nd. Finally, Evercore ISI reissued an “outperform” rating and set a $47.00 price objective on shares of Ovintiv in a report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $51.89.

Insiders Place Their Bets

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the transaction, the chief operating officer directly owned 105,867 shares in the company, valued at $4,269,616.11. The trade was a 32.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds have recently added to or reduced their stakes in OVV. McIlrath & Eck LLC purchased a new position in shares of Ovintiv during the 3rd quarter worth approximately $31,000. IFP Advisors Inc grew its holdings in Ovintiv by 316.7% during the second quarter. IFP Advisors Inc now owns 846 shares of the company’s stock worth $32,000 after acquiring an additional 643 shares during the period. Dogwood Wealth Management LLC purchased a new position in Ovintiv in the second quarter worth $35,000. HM Payson & Co. purchased a new position in Ovintiv in the third quarter worth $36,000. Finally, Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Ovintiv during the 3rd quarter worth $36,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.