SIR Capital Management L.P. Makes New Investment in Ovintiv Inc. $OVV

SIR Capital Management L.P. bought a new position in Ovintiv Inc. (NYSE:OVV) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 418,700 shares of the company’s stock, valued at approximately $16,409,000. Ovintiv accounts for about 1.8% of SIR Capital Management L.P.’s investment portfolio, making the stock its 19th largest position. SIR Capital Management L.P. owned approximately 0.17% of Ovintiv at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its position in Ovintiv by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after purchasing an additional 1,669,469 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Ovintiv by 12.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,888,500 shares of the company’s stock worth $237,747,000 after purchasing an additional 649,819 shares during the period. AQR Capital Management LLC grew its position in Ovintiv by 263.8% in the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after purchasing an additional 3,589,030 shares during the period. Holocene Advisors LP grew its position in Ovintiv by 5.1% in the 3rd quarter. Holocene Advisors LP now owns 2,619,615 shares of the company’s stock worth $105,780,000 after purchasing an additional 126,245 shares during the period. Finally, Merewether Investment Management LP grew its position in Ovintiv by 17.2% in the 2nd quarter. Merewether Investment Management LP now owns 2,146,196 shares of the company’s stock worth $81,663,000 after purchasing an additional 315,331 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 1.4%

Shares of OVV stock opened at $57.33 on Friday. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $63.46. The firm has a fifty day moving average price of $57.76 and a 200-day moving average price of $49.84. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The company has a market cap of $16.11 billion, a price-to-earnings ratio of 18.49 and a beta of 0.53.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.15. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. As a group, equities analysts predict that Ovintiv Inc. will post 8.15 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.1%. Ovintiv’s dividend payout ratio (DPR) is currently 38.71%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Bank of America lifted their target price on shares of Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. National Bank Financial boosted their price objective on shares of Ovintiv from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Scotiabank raised shares of Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. JPMorgan Chase & Co. started coverage on shares of Ovintiv in a research report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 price objective for the company. Finally, Weiss Ratings downgraded shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.