Prelude Capital Management LLC Makes New $384,000 Investment in Ovintiv Inc. (NYSE:OVV)

Prelude Capital Management LLC purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 10,636 shares of the company’s stock, valued at approximately $384,000.

Several other institutional investors and hedge funds also recently made changes to their positions in OVV. Belpointe Asset Management LLC bought a new stake in Ovintiv during the 4th quarter valued at $29,000. ICA Group Wealth Management LLC purchased a new stake in Ovintiv during the 4th quarter worth about $41,000. OLD Mission Capital LLC bought a new position in Ovintiv in the 4th quarter worth about $45,000. Exos TFP Holdings LLC purchased a new position in Ovintiv during the 4th quarter valued at about $46,000. Finally, Harbour Investments Inc. increased its position in shares of Ovintiv by 124.6% during the fourth quarter. Harbour Investments Inc. now owns 923 shares of the company’s stock valued at $47,000 after buying an additional 512 shares during the period. Institutional investors own 98.30% of the company’s stock.

Ovintiv Stock Performance

Ovintiv stock opened at $47.32 on Monday. 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 firm has a fifty day simple moving average of $45.63 and a two-hundred day simple moving average of $39.78. The company has a market capitalization of $12.96 billion, a PE ratio of 3.57, a P/E/G ratio of 0.61 and a beta of 2.81.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Thursday, July 27th. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Ovintiv had a return on equity of 16.27% and a net margin of 28.27%. Research analysts expect that Ovintiv Inc. will post 6.09 EPS for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 annualized dividend and a yield of 2.54%. Ovintiv’s payout ratio is currently 9.06%.

Analyst Ratings Changes

Several brokerages recently commented on OVV. CIBC reduced their price objective on shares of Ovintiv from $55.00 to $50.00 in a research note on Tuesday, May 23rd. Citigroup upped their price target on shares of Ovintiv from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Tuesday, August 1st. Truist Financial lifted their price objective on Ovintiv from $52.00 to $54.00 and gave the company a “buy” rating in a research note on Monday, July 31st. Evercore ISI reduced their target price on Ovintiv from $42.00 to $39.00 in a research report on Monday, July 10th. Finally, Royal Bank of Canada raised their price target on Ovintiv from $46.00 to $47.00 and gave the company a “sector perform” rating in a report on Monday, July 31st. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $57.47.

Insiders Place Their Bets

In other news, Director Steven W. Nance sold 1,201 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $48.65, for a total transaction of $58,428.65. Following the completion of the transaction, the director now directly owns 20,929 shares of the company’s stock, valued at $1,018,195.85. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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.