Moore Capital Management LP Invests $972,000 in Ovintiv Inc. (NYSE:OVV)

Moore Capital Management LP bought a new position in Ovintiv Inc. (NYSE:OVV) during the 4th quarter, Holdings Channel.com reports. The fund bought 24,000 shares of the company’s stock, valued at approximately $972,000.

Several other hedge funds have also recently modified their holdings of OVV. Claro Advisors LLC purchased a new position in shares of Ovintiv in the fourth quarter worth $229,000. Pallas Capital Advisors LLC increased its position in Ovintiv by 128.4% in the fourth quarter. Pallas Capital Advisors LLC now owns 13,586 shares of the company’s stock worth $550,000 after purchasing an additional 7,637 shares during the last quarter. Oak Thistle LLC increased its position in Ovintiv by 37.5% in the fourth quarter. Oak Thistle LLC now owns 31,672 shares of the company’s stock worth $1,283,000 after purchasing an additional 8,639 shares during the last quarter. Park Avenue Securities LLC increased its position in Ovintiv by 8.9% in the fourth quarter. Park Avenue Securities LLC now owns 6,845 shares of the company’s stock worth $277,000 after purchasing an additional 558 shares during the last quarter. Finally, Foundation Resource Management Inc. increased its position in Ovintiv by 0.9% in the fourth quarter. Foundation Resource Management Inc. now owns 89,292 shares of the company’s stock worth $3,616,000 after purchasing an additional 830 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 3.2%

NYSE OVV opened at $39.33 on Wednesday. The company’s 50-day moving average price is $37.05 and its 200-day moving average price is $40.60. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a market cap of $10.22 billion, a PE ratio of 5.22 and a beta of 1.14. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $51.72.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.22. The firm had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.23 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. Equities research analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv’s payout ratio is presently 51.06%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on OVV. Morgan Stanley restated an “overweight” rating and issued a $50.00 price target on shares of Ovintiv in a research report on Tuesday, April 15th. Scotiabank upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. Mizuho reduced their price target on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Tuesday. Barclays reduced their price target on shares of Ovintiv from $59.00 to $53.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. Finally, National Bankshares boosted their price target on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Ovintiv currently has an average rating of “Buy” and a consensus target price of $55.65.

Ovintiv Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.