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

Ovintiv Inc. (NYSE:OVV) was the recipient of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totaling 8,729,815 shares, a decrease of 19.0% from the March 15th total of 10,783,673 shares. Based on an average trading volume of 5,264,604 shares, the short-interest ratio is currently 1.7 days. Approximately 3.1% of the company’s shares are short sold.

Insider Buying and Selling

In other Ovintiv news, EVP Meghan Nicole Eilers sold 11,582 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $54.78, for a total value of $634,461.96. Following the sale, the executive vice president owned 54,092 shares of the company’s stock, valued at $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the completion of the sale, the director directly owned 45,780 shares in the company, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Large investors have recently bought and sold shares of the business. McIlrath & Eck LLC purchased a new position in Ovintiv in the third quarter valued at $31,000. Foster Dykema Cabot & Partners LLC purchased a new position in Ovintiv in the third quarter valued at $36,000. HM Payson & Co. purchased a new position in Ovintiv in the third quarter valued at $36,000. Quent Capital LLC purchased a new position in Ovintiv in the third quarter valued at $37,000. Finally, Flagship Harbor Advisors LLC purchased a new position in Ovintiv in the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Up 1.1%

Shares of Ovintiv stock traded up $0.62 during trading hours on Thursday, reaching $55.66. 2,992,625 shares of the company were exchanged, compared to its average volume of 4,275,934. Ovintiv has a 1 year low of $32.16 and a 1 year high of $62.60. The stock’s fifty day moving average is $53.86 and its 200 day moving average is $44.42. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market cap of $15.77 billion, a PE ratio of 11.50, a PEG ratio of 1.79 and a beta of 0.59.

Ovintiv (NYSE:OVV) last posted 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 prior year, the company earned ($0.23) earnings per share. As a group, equities research analysts forecast that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Friday, March 13th. Ovintiv’s dividend payout ratio is 24.79%.

Analyst Ratings Changes

OVV has been the topic of a number of research analyst reports. Scotiabank boosted their target price on Ovintiv from $58.00 to $65.00 and gave the company a “sector outperform” rating in a research report on Thursday, March 19th. Zacks Research raised Ovintiv from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 3rd. Roth Mkm boosted their target price on Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, February 24th. UBS Group cut their target price on Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, April 9th. Finally, National Bank Financial boosted their target price on Ovintiv from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. Fifteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.37.

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.