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

Ovintiv Inc. (NYSE:OVV) was the recipient of unusually large options trading activity on Monday. Stock investors purchased 6,892 put options on the stock. This represents an increase of 689% compared to the typical volume of 873 put options.

Ovintiv Stock Up 2.1%

Shares of OVV opened at $38.76 on Tuesday. The firm has a 50 day simple moving average of $38.88 and a two-hundred day simple moving average of $39.81. 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 has a one year low of $29.80 and a one year high of $46.35. The company has a market cap of $9.82 billion, a P/E ratio of 42.59, a P/E/G ratio of 1.66 and a beta of 0.77.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share 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 firm had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $1.86 billion. Research analysts forecast that Ovintiv will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Monday, December 15th. Ovintiv’s payout ratio is currently 131.87%.

Insider Activity at Ovintiv

In other news, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the transaction, the chief operating officer owned 105,867 shares in the company, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Allworth Financial LP lifted its stake in Ovintiv by 211.9% in the 3rd quarter. Allworth Financial LP now owns 5,065 shares of the company’s stock valued at $205,000 after purchasing an additional 3,441 shares during the last quarter. IFP Advisors Inc boosted its holdings in shares of Ovintiv by 58.4% during the 3rd quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock valued at $54,000 after acquiring an additional 494 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in Ovintiv by 258.2% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,576 shares of the company’s stock worth $64,000 after acquiring an additional 1,136 shares during the last quarter. Caerus Investment Advisors LLC bought a new stake in Ovintiv during the 3rd quarter worth $629,000. Finally, Captrust Financial Advisors increased its holdings in Ovintiv by 237.9% in the 3rd quarter. Captrust Financial Advisors now owns 39,689 shares of the company’s stock worth $1,603,000 after purchasing an additional 27,942 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. William Blair began coverage on Ovintiv in a report on Wednesday, November 26th. They set an “outperform” rating and a $50.00 target price for the company. Zacks Research raised shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Evercore ISI reissued an “outperform” rating and issued a $47.00 price objective on shares of Ovintiv in a report on Thursday, November 6th. National Bankshares lowered their target price on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating on the stock in a report on Wednesday, October 22nd. Finally, Morgan Stanley cut their price target on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.89.

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.