Black Maple Capital Management LP Buys New Shares in Ovintiv Inc. (NYSE:OVV)

Black Maple Capital Management LP bought a new position in shares of Ovintiv Inc. (NYSE:OVV) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 12,000 shares of the company’s stock, valued at approximately $433,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James & Associates boosted its position in shares of Ovintiv by 35.3% during the 1st quarter. Raymond James & Associates now owns 57,458 shares of the company’s stock valued at $3,107,000 after acquiring an additional 14,978 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in Ovintiv during the first quarter valued at approximately $525,000. HighTower Advisors LLC bought a new stake in shares of Ovintiv in the 1st quarter valued at approximately $715,000. Cetera Advisor Networks LLC acquired a new position in shares of Ovintiv in the 1st quarter worth approximately $224,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Ovintiv by 45.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 15,605 shares of the company’s stock worth $843,000 after buying an additional 4,895 shares in the last quarter. 98.30% of the stock is currently owned by institutional investors.

Ovintiv Trading Down 3.5 %

Shares of NYSE OVV opened at $45.65 on Tuesday. The stock has a market cap of $12.50 billion, a price-to-earnings ratio of 3.45, a P/E/G ratio of 0.56 and a beta of 2.81. Ovintiv Inc. has a twelve month low of $32.07 and a twelve month high of $59.10. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.59. The company’s fifty day moving average is $44.81 and its 200-day moving average is $39.69.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Thursday, July 27th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.02. Ovintiv had a return on equity of 16.27% and a net margin of 28.27%. The company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.11 billion. Equities research analysts predict that Ovintiv Inc. will post 6.38 EPS for the current year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.63%. Ovintiv’s payout ratio is 9.06%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Citigroup upped their price target on Ovintiv from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, August 1st. The Goldman Sachs Group began coverage on shares of Ovintiv in a research report on Wednesday, July 12th. They set a “neutral” rating for the company. Royal Bank of Canada boosted their price target on shares of Ovintiv from $46.00 to $47.00 and gave the company a “sector perform” rating in a research report on Monday, July 31st. Wells Fargo & Company raised their price objective on shares of Ovintiv from $36.00 to $39.00 in a report on Friday, July 7th. Finally, UBS Group boosted their target price on Ovintiv from $47.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, August 17th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.47.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, Director Steven W. Nance sold 1,201 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $48.65, for a total value of $58,428.65. Following the sale, the director now owns 20,929 shares in the company, valued at approximately $1,018,195.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.70% of the company’s stock.

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. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.