Crestline Management LP Takes $803,000 Position in Ovintiv Inc. (NYSE:OVV)

Crestline Management LP purchased a new position in Ovintiv Inc. (NYSE:OVV) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 19,833 shares of the company’s stock, valued at approximately $803,000.

Other institutional investors have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after buying an additional 360 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after acquiring an additional 335 shares during the period. Mizuho Bank Ltd. purchased a new stake in shares of Ovintiv during the fourth quarter worth $40,000. Optiver Holding B.V. bought a new position in shares of Ovintiv in the fourth quarter worth $40,000. Finally, Cullen Frost Bankers Inc. grew its position in shares of Ovintiv by 3,571.4% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company’s stock valued at $42,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 2.3 %

Shares of OVV opened at $36.13 on Friday. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $51.72. The firm has a market cap of $9.41 billion, a price-to-earnings ratio of 4.79 and a beta of 1.14. The firm has a 50 day moving average price of $37.03 and a 200-day moving average price of $40.62. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52.

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

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 annualized dividend and a yield of 3.32%. Ovintiv’s payout ratio is 51.06%.

Analysts Set New Price Targets

Several brokerages have commented on OVV. Truist Financial lifted their target price on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Barclays reduced their price objective on shares of Ovintiv from $59.00 to $53.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. BMO Capital Markets raised shares of Ovintiv from a “market perform” rating to an “outperform” rating and raised their price target for the company from $55.00 to $57.00 in a report on Monday, March 24th. Morgan Stanley reiterated an “overweight” rating and issued a $50.00 price objective on shares of Ovintiv in a research report on Tuesday, April 15th. Finally, Williams Trading set a $58.00 target price on Ovintiv in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $55.76.

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.