Edgestream Partners L.P. Takes $4.11 Million Position in Ovintiv Inc. $OVV

Edgestream Partners L.P. bought a new stake in Ovintiv Inc. (NYSE:OVV) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 69,195 shares of the company’s stock, valued at approximately $4,107,000.

Other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its holdings in Ovintiv by 263.8% during the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after purchasing an additional 3,589,030 shares in the last quarter. Millennium Management LLC grew its stake in shares of Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after purchasing an additional 3,060,691 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of 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 buying an additional 1,669,469 shares in the last quarter. Goldentree Asset Management LP acquired a new position in shares of Ovintiv in the 4th quarter worth approximately $61,528,000. Finally, Freestone Grove Partners LP lifted its position in shares of Ovintiv by 79.9% during the 4th quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company’s stock worth $120,506,000 after buying an additional 1,365,535 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Up 1.3%

Shares of OVV opened at $62.40 on Friday. The company has a market capitalization of $17.19 billion, a P/E ratio of 17.63 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. Ovintiv Inc. has a one year low of $35.47 and a one year high of $64.61. The business’s 50 day simple moving average is $56.50 and its 200-day simple moving average is $53.90.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. As a group, sell-side analysts predict that Ovintiv Inc. will post 6.87 EPS for the current fiscal year.

Ovintiv Dividend Announcement

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

Analyst Ratings Changes

Several brokerages recently commented on OVV. Weiss Ratings raised Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday. Roth Capital increased their price objective on Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. Royal Bank Of Canada increased their price objective on Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday. Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday, May 20th. Finally, UBS Group boosted their target price on shares of Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price of $66.89.

About Ovintiv

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.