Carlson Capital L.P. Purchases 12,906 Shares of Ovintiv Inc. $OVV

Carlson Capital L.P. grew its position in Ovintiv Inc. (NYSE:OVV) by 60.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,306 shares of the company’s stock after buying 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 largest holding. Carlson Capital L.P.’s holdings in Ovintiv were worth $2,036,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in OVV. Integrated Wealth Concepts LLC grew its position in shares of Ovintiv by 70.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after buying an additional 3,788 shares in the last quarter. Great Lakes Advisors LLC bought a new stake in shares of Ovintiv in the first quarter valued at about $202,000. Focus Partners Wealth raised its holdings in shares of Ovintiv by 49.3% in the first 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 in the last quarter. Geneos Wealth Management Inc. lifted its stake in Ovintiv by 47.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after acquiring an additional 589 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in Ovintiv by 103.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock worth $126,000 after acquiring an additional 1,675 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Price Performance

OVV opened at $62.40 on Friday. The business’s 50-day moving average is $56.50 and its two-hundred day moving average is $53.90. Ovintiv Inc. has a 1 year low of $35.47 and a 1 year high of $64.61. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $17.19 billion, a PE ratio of 17.63 and a beta of 0.53.

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

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s payout ratio is 33.90%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Zacks Research cut shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Wall Street Zen upgraded shares of Ovintiv from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. Royal Bank Of Canada upped their price target on shares of Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday. National Bank Financial increased their price objective on shares of Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Finally, Truist Financial reiterated a “buy” rating and set a $73.00 price objective (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $66.89.

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.