Ovintiv Sees Unusually High Options Volume (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV) was the target of some unusual options trading activity on Wednesday. Investors purchased 2,696 call options on the company. This is an increase of 42% compared to the average daily volume of 1,900 call options.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on OVV shares. Wells Fargo & Company cut their price objective on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, October 1st. Mizuho cut their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Citigroup cut their price objective on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a report on Monday, October 7th. Royal Bank of Canada cut their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. Finally, UBS Group cut their price objective on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Institutional Trading of Ovintiv

Institutional investors have recently bought and sold shares of the stock. Semanteon Capital Management LP bought a new stake in shares of Ovintiv during the third quarter worth $1,140,000. State of Alaska Department of Revenue lifted its position in shares of Ovintiv by 11.9% during the third quarter. State of Alaska Department of Revenue now owns 30,670 shares of the company’s stock worth $1,174,000 after purchasing an additional 3,260 shares during the last quarter. Frank Rimerman Advisors LLC lifted its position in shares of Ovintiv by 1.9% during the third quarter. Frank Rimerman Advisors LLC now owns 22,117 shares of the company’s stock worth $847,000 after purchasing an additional 404 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Ovintiv by 26.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,256 shares of the company’s stock worth $508,000 after purchasing an additional 2,786 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its position in shares of Ovintiv by 4.0% during the third quarter. Louisiana State Employees Retirement System now owns 73,200 shares of the company’s stock worth $2,804,000 after purchasing an additional 2,800 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Up 0.4 %

Shares of OVV opened at $39.81 on Friday. The company has a market cap of $10.49 billion, a PE ratio of 5.61, a P/E/G ratio of 7.76 and a beta of 2.61. The business has a fifty day moving average of $41.26 and a 200 day moving average of $45.90. Ovintiv has a 52-week low of $36.90 and a 52-week high of $55.95. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. On average, sell-side analysts expect that Ovintiv will post 4.87 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a $0.30 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a yield of 3.01%. Ovintiv’s dividend payout ratio is presently 16.93%.

About Ovintiv

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.