Carlson Capital L.P. Increases Stock Holdings in Ovintiv Inc. $OVV

Carlson Capital L.P. increased its stake in shares of Ovintiv Inc. (NYSE:OVV) by 60.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 34,306 shares of the company’s stock after purchasing an additional 12,906 shares during the quarter. Ovintiv accounts for 0.6% of Carlson Capital L.P.’s holdings, making the stock its 20th biggest holding. Carlson Capital L.P.’s holdings in Ovintiv were worth $2,036,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of America Corp DE lifted its position in Ovintiv by 52.4% in the first quarter. Bank of America Corp DE now owns 1,233,202 shares of the company’s stock worth $73,203,000 after buying an additional 424,125 shares during the last quarter. Edgestream Partners L.P. bought a new position in Ovintiv during the first quarter valued at $4,107,000. Janus Henderson Group PLC increased its position in Ovintiv by 9.2% during the first quarter. Janus Henderson Group PLC now owns 124,783 shares of the company’s stock valued at $7,409,000 after acquiring an additional 10,500 shares during the last quarter. Bull Harbor Capital LLC purchased a new stake in shares of Ovintiv in the first quarter valued at $258,000. Finally, South Dakota Investment Council raised its stake in shares of Ovintiv by 357.3% in the first quarter. South Dakota Investment Council now owns 47,100 shares of the company’s stock valued at $2,796,000 after acquiring an additional 36,800 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 1.3%

NYSE OVV opened at $62.40 on Friday. The company’s 50-day moving average price is $56.50 and its 200-day moving average price is $53.90. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The stock has a market cap of $17.19 billion, a PE ratio of 17.63 and a beta of 0.53. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $64.61.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The company had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Equities research analysts forecast that Ovintiv Inc. will post 6.87 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio is currently 33.90%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Mizuho lifted their price target on shares of Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Royal Bank Of Canada increased their price objective on shares of Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday. Citigroup raised their price objective on shares of Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday. Wall Street Zen upgraded Ovintiv from a “hold” rating to a “buy” rating in a research report on Saturday, July 25th. Finally, Barclays boosted their target price on Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.89.

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.