Pallas Capital Advisors LLC Takes $237,000 Position in Ovintiv Inc. (NYSE:OVV)

Pallas Capital Advisors LLC acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV) during the third quarter, HoldingsChannel reports. The institutional investor acquired 5,949 shares of the company’s stock, valued at approximately $237,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OVV. UMB Bank n.a. lifted its holdings in Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares in the last quarter. Covestor Ltd raised its position in shares of Ovintiv by 23.1% in the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock valued at $81,000 after buying an additional 293 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after buying an additional 300 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Ovintiv by 24.0% during the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock valued at $93,000 after buying an additional 347 shares during the period. Finally, Cetera Investment Advisers boosted its position in Ovintiv by 1.0% during the second quarter. Cetera Investment Advisers now owns 37,466 shares of the company’s stock worth $1,756,000 after acquiring an additional 353 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

OVV has been the subject of several analyst reports. Truist Financial cut their price target on Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a report on Monday, September 30th. Wells Fargo & Company reduced their target price on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 1st. Scotiabank raised their price target on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 12th. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Finally, Morgan Stanley decreased their target price on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. 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 company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Ovintiv Stock Performance

Shares of NYSE:OVV opened at $38.98 on Friday. The business’s 50-day simple moving average is $40.73 and its 200 day simple moving average is $45.22. The company has a market cap of $10.28 billion, a P/E ratio of 5.50, a PEG ratio of 7.48 and a beta of 2.61. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. Ovintiv Inc. has a one year low of $36.90 and a one year high of $55.95.

Ovintiv (NYSE:OVV) last announced its 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 business had revenue of $2.29 billion for the quarter, compared to analyst estimates 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 forecast that Ovintiv Inc. will post 4.91 earnings per share for the current fiscal year.

Ovintiv Company 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.