Short Interest in Ovintiv Inc. (NYSE:OVV) Expands By 41.1%

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

Ovintiv Price Performance

Shares of NYSE:OVV traded up $0.72 during midday trading on Monday, reaching $42.94. 3,055,300 shares of the company’s stock traded hands, compared to its average volume of 3,066,297. The company has a fifty day simple moving average of $42.53 and a two-hundred day simple moving average of $41.96. Ovintiv has a 1 year low of $36.62 and a 1 year high of $55.95. The company has a market cap of $11.18 billion, a P/E ratio of 5.69 and a beta of 2.55. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s payout ratio is 28.57%.

Institutional Trading of Ovintiv

A number of institutional investors and hedge funds have recently modified their holdings of OVV. True Wealth Design LLC boosted its stake in shares of Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after acquiring an additional 636 shares during the last quarter. Colonial Trust Co SC purchased a new position in Ovintiv in the 4th quarter valued at $28,000. MassMutual Private Wealth & Trust FSB boosted its stake in Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after purchasing an additional 360 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after buying an additional 335 shares in the last quarter. Finally, Mizuho Bank Ltd. acquired a new stake in shares of Ovintiv in the fourth quarter valued at about $40,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on OVV. Wells Fargo & Company increased their price objective on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a report on Wednesday, March 19th. National Bankshares boosted their price target on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Truist Financial upped their target price on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $57.00 price objective on shares of Ovintiv in a research note on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $57.17.

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.