Ovintiv Inc. (NYSE:OVV) Sees Large Growth in Short Interest

Ovintiv Inc. (NYSE:OVV) saw a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 10,030,000 shares, a growth of 41.1% from the February 28th total of 7,110,000 shares. Based on an average daily volume of 3,220,000 shares, the days-to-cover ratio is presently 3.1 days. Currently, 3.9% of the company’s stock are sold short.

Ovintiv Stock Performance

Shares of NYSE OVV traded up $1.07 during midday trading on Tuesday, hitting $43.87. 2,979,382 shares of the company’s stock were exchanged, compared to its average volume of 3,064,279. Ovintiv has a twelve month low of $36.62 and a twelve month high of $55.95. The firm has a market cap of $11.42 billion, a P/E ratio of 5.82 and a beta of 2.55. The stock’s 50 day moving average price is $42.53 and its 200-day moving average price is $41.96. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.30 per share. The ex-dividend date was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.74%. Ovintiv’s dividend payout ratio (DPR) is 28.57%.

Wall Street Analysts Forecast Growth

OVV has been the subject of a number of research analyst reports. JPMorgan Chase & Co. dropped their price target on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Williams Trading set a $58.00 price target on shares of Ovintiv in a research report on Wednesday, March 5th. UBS Group decreased their price target on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, December 9th. Morgan Stanley restated an “overweight” rating and set a $57.00 price objective on shares of Ovintiv in a research note on Wednesday, March 26th. Finally, Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $57.17.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC lifted its position in Ovintiv by 198.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,622 shares of the company’s stock worth $1,605,000 after purchasing an additional 26,366 shares during the period. PKO Investment Management Joint Stock Co acquired a new stake in shares of Ovintiv in the fourth quarter valued at $344,000. Siemens Fonds Invest GmbH acquired a new stake in shares of Ovintiv in the fourth quarter valued at $1,348,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Ovintiv during the fourth quarter valued at about $4,949,000. Finally, Jefferies Financial Group Inc. acquired a new position in Ovintiv during the fourth quarter worth about $5,289,000. 83.81% of the stock is currently owned by institutional investors.

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.