SIR Capital Management L.P. Purchases Shares of 418,700 Ovintiv Inc. $OVV

SIR Capital Management L.P. purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV) during the fourth quarter, HoldingsChannel reports. The fund purchased 418,700 shares of the company’s stock, valued at approximately $16,409,000. Ovintiv comprises 1.8% of SIR Capital Management L.P.’s holdings, making the stock its 19th largest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Wells Fargo & Company MN raised its holdings in Ovintiv by 83.7% during the fourth quarter. Wells Fargo & Company MN now owns 171,715 shares of the company’s stock valued at $6,729,000 after acquiring an additional 78,251 shares during the period. HITE Hedge Asset Management LLC bought a new position in shares of Ovintiv during the 4th quarter valued at about $31,155,000. Quadrant Capital Group LLC boosted its holdings in shares of Ovintiv by 8.9% during the 4th quarter. Quadrant Capital Group LLC now owns 28,527 shares of the company’s stock valued at $1,118,000 after purchasing an additional 2,324 shares during the last quarter. Gould Capital LLC boosted its holdings in shares of Ovintiv by 9.1% during the 4th quarter. Gould Capital LLC now owns 61,632 shares of the company’s stock valued at $2,415,000 after purchasing an additional 5,129 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec boosted its holdings in shares of Ovintiv by 3.8% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 49,519 shares of the company’s stock valued at $1,938,000 after purchasing an additional 1,834 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on OVV. Citigroup reissued a “neutral” rating and set a $62.00 price objective (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Weiss Ratings downgraded shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a report on Tuesday, May 12th. Zacks Research raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Royal Bank Of Canada set a $70.00 price objective on shares of Ovintiv and gave the company an “outperform” rating in a report on Tuesday. Finally, Roth Mkm increased their price objective on shares of Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Ovintiv Stock Up 1.4%

Shares of NYSE OVV opened at $57.33 on Friday. The firm’s 50-day moving average price is $57.76 and its 200-day moving average price is $49.84. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $16.11 billion, a price-to-earnings ratio of 18.49 and a beta of 0.53. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $63.46.

Ovintiv (NYSE:OVV) last announced its earnings results on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.15. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. On average, equities research analysts anticipate that Ovintiv Inc. will post 8.15 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Monday, June 15th. Ovintiv’s dividend payout ratio is 38.71%.

Ovintiv Company Profile

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.