Seven Eight Capital LP Purchases 6,996 Shares of Ovintiv Inc. (NYSE:OVV)

Seven Eight Capital LP raised its position in shares of Ovintiv Inc. (NYSE:OVV) by 7.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 106,840 shares of the company’s stock after acquiring an additional 6,996 shares during the period. Ovintiv makes up about 0.5% of Seven Eight Capital LP’s investment portfolio, making the stock its 25th largest position. Seven Eight Capital LP’s holdings in Ovintiv were worth $5,008,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. American National Bank purchased a new stake in shares of Ovintiv during the first quarter valued at $27,000. Innealta Capital LLC purchased a new stake in Ovintiv in the second quarter worth about $39,000. Geneos Wealth Management Inc. lifted its stake in Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after acquiring an additional 300 shares during the period. Creekmur Asset Management LLC purchased a new stake in shares of Ovintiv during the fourth quarter valued at about $68,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Ovintiv during the second quarter valued at about $69,000. Institutional investors own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on OVV shares. Truist Financial increased their price target on shares of Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. UBS Group decreased their price target on shares of Ovintiv from $66.00 to $61.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Evercore ISI reissued an “outperform” rating and set a $60.00 price target on shares of Ovintiv in a research report on Wednesday, July 10th. Scotiabank upped their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a report on Friday, July 12th. Finally, Wells Fargo & Company cut their price objective on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus price target of $60.06.

Ovintiv Trading Up 2.0 %

Shares of OVV stock opened at $39.93 on Wednesday. Ovintiv Inc. has a fifty-two week low of $37.81 and a fifty-two week high of $55.95. The firm has a market capitalization of $10.53 billion, a P/E ratio of 5.58, a PEG ratio of 6.24 and a beta of 2.62. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The stock’s fifty day moving average is $43.46 and its two-hundred day moving average is $47.76.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.53 billion. Research analysts expect that Ovintiv Inc. will post 5.81 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a $0.30 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 3.01%. Ovintiv’s payout ratio is 16.76%.

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.