Dockside LLC Buys New Shares in Ovintiv Inc. $OVV

Dockside LLC bought a new stake in Ovintiv Inc. (NYSE:OVV) during the 4th quarter, HoldingsChannel.com reports. The fund bought 97,998 shares of the company’s stock, valued at approximately $3,841,000. Ovintiv comprises 1.0% of Dockside LLC’s portfolio, making the stock its 23rd largest position.

Several other hedge funds have also recently made changes to their positions in OVV. Integrated Wealth Concepts LLC increased its position in shares of Ovintiv by 70.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after acquiring an additional 3,788 shares during the period. Great Lakes Advisors LLC acquired a new position in shares of Ovintiv in the 1st quarter valued at $202,000. Focus Partners Wealth increased its position in shares of Ovintiv by 49.3% in the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after acquiring an additional 6,364 shares during the period. Geneos Wealth Management Inc. increased its position in shares of Ovintiv by 47.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after acquiring an additional 589 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in shares of Ovintiv by 103.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock valued at $126,000 after acquiring an additional 1,675 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Price Performance

Shares of OVV opened at $57.33 on Friday. The business’s 50-day moving average is $57.76 and its two-hundred day moving average is $49.84. The company has a market capitalization of $16.11 billion, a P/E ratio of 18.49 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $63.46.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.15. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. Research analysts predict that Ovintiv Inc. will post 8.15 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Monday, June 15th. Ovintiv’s dividend payout ratio is presently 38.71%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on OVV shares. Wall Street Zen downgraded Ovintiv from a “buy” rating to a “hold” rating in a research report on Sunday. Bank of America upped their target price on Ovintiv from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Citigroup reaffirmed a “neutral” rating and set a $62.00 price target (up from $52.00) on shares of Ovintiv in a research report on Monday, March 30th. Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Finally, Mizuho increased their price target on Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $63.00.

Ovintiv 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.