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Ovintiv Target of Unusually High Options Trading (NYSE:OVV)

kopsource · Sep 30, 2022 09:12

Ovintiv Inc. (NYSE:OVV – Get Rating) saw some unusual options trading activity on Wednesday. Traders bought 10,584 put options on the company. This is an increase of approximately 173% compared to the typical volume of 3,882 put options.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Mizuho decreased their price target on shares of Ovintiv from $77.00 to $69.00 and set a "buy" rating for the company in a report on Tuesday, July 19th. National Bankshares reduced their target price on shares of Ovintiv from $100.00 to $99.00 and set an "outperform" rating for the company in a report on Thursday, August 4th. Truist Financial raised their target price on shares of Ovintiv from $72.00 to $77.00 and gave the stock a "buy" rating in a report on Tuesday, July 19th. JPMorgan Chase & Co. raised their target price on shares of Ovintiv from $64.00 to $66.00 and gave the stock an "overweight" rating in a report on Wednesday, July 13th. Finally, Bank of America raised their price target on shares of Ovintiv from $60.00 to $70.00 in a research report on Tuesday, September 20th. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $71.59.

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Ovintiv Trading Up 1.8 %

Shares of OVV stock opened at $45.52 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.51 and a current ratio of 0.51. The stock has a market capitalization of $11.58 billion, a P/E ratio of 10.14, a price-to-earnings-growth ratio of 0.10 and a beta of 2.99. The company has a 50 day moving average price of $49.39 and a 200 day moving average price of $49.77. Ovintiv has a fifty-two week low of $29.52 and a fifty-two week high of $63.30.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.20%. The ex-dividend date is Wednesday, September 14th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Private Capital Group LLC grew its holdings in Ovintiv by 7.1% during the 2nd quarter. Private Capital Group LLC now owns 3,114 shares of the company's stock worth $138,000 after acquiring an additional 207 shares in the last quarter. CWM LLC boosted its holdings in shares of Ovintiv by 20.1% in the 2nd quarter. CWM LLC now owns 1,460 shares of the company's stock valued at $65,000 after buying an additional 244 shares in the last quarter. Veriti Management LLC boosted its holdings in shares of Ovintiv by 5.2% in the 2nd quarter. Veriti Management LLC now owns 5,326 shares of the company's stock valued at $235,000 after buying an additional 263 shares in the last quarter. Diversified Trust Co boosted its holdings in shares of Ovintiv by 0.8% in the 1st quarter. Diversified Trust Co now owns 34,031 shares of the company's stock valued at $1,840,000 after buying an additional 286 shares in the last quarter. Finally, Gateway Investment Advisers LLC boosted its holdings in shares of Ovintiv by 1.3% in the 2nd quarter. Gateway Investment Advisers LLC now owns 23,074 shares of the company's stock valued at $1,020,000 after buying an additional 293 shares in the last quarter. Institutional investors and hedge funds own 78.26% of the company's stock.

About Ovintiv

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Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.