Carlson Capital L.P. Takes $839,000 Position in Ovintiv Inc. $OVV

Key Points

• Carlson Capital L.P. opened a new position in Ovintiv during the fourth quarter, buying 21,400 shares worth about $839,000. The stake makes Ovintiv Carlson’s 27th largest holding.
• Institutional interest in Ovintiv remains strong, with hedge funds and other investors owning 83.81% of the company. Several firms boosted their positions recently, while analysts continue to lean positive on the stock.
• Ovintiv reported better-than-expected quarterly earnings of $1.39 per share and pays a quarterly dividend of $0.30 per share, equal to a 2.1% yield. The stock also has a “Moderate Buy” analyst rating with an average target price of $60.42.

Carlson Capital L.P. acquired a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 21,400 shares of the company's stock, valued at approximately $839,000. Ovintiv accounts for 0.3% of Carlson Capital L.P.'s holdings, making the stock its 27th biggest holding.

Several other hedge funds and other institutional investors have also made changes to their positions in OVV. Integrated Wealth Concepts LLC boosted its stake 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 buying an additional 3,788 shares during the period. Great Lakes Advisors LLC acquired a new stake in shares of Ovintiv during the 1st quarter worth about $202,000. Focus Partners Wealth raised its position in shares of Ovintiv by 49.3% during the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company's stock worth $825,000 after acquiring an additional 6,364 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of Ovintiv by 47.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company's stock worth $78,000 after acquiring an additional 589 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Ovintiv by 103.2% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on OVV shares. Scotiabank raised their target price on Ovintiv from $58.00 to $65.00 and gave the stock a "sector outperform" rating in a research report on Thursday, March 19th. Bank of America raised their target price on Ovintiv from $63.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. Jefferies Financial Group reissued a "buy" rating and set a $54.00 target price on shares of Ovintiv in a research report on Saturday, January 17th. Weiss Ratings raised Ovintiv from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, April 2nd. Finally, Royal Bank Of Canada raised their target price on Ovintiv from $55.00 to $70.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 8th. Fifteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Ovintiv currently has an average rating of "Moderate Buy" and an average target price of $60.42.

Ovintiv Trading Down 0.8%

OVV opened at $57.82 on Friday. The firm has a market cap of $16.38 billion, a price-to-earnings ratio of 11.95, a price-to-earnings-growth ratio of 1.95 and a beta of 0.57. Ovintiv Inc. has a 52 week low of $34.88 and a 52 week high of $63.46. The business's 50 day moving average is $56.34 and its two-hundred day moving average is $46.22. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Monday, February 23rd. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $0.98 by $0.41. The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same quarter in the previous year, the company posted ($0.23) earnings per share. On average, research analysts predict that Ovintiv Inc. will post 6.35 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.20 annualized dividend and a yield of 2.1%. Ovintiv's payout ratio is 24.79%.

Insider Activity at Ovintiv

In other news, Director Howard John Mayson sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the transaction, the director owned 45,780 shares of the company's stock, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the business's stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the transaction, the executive vice president directly owned 54,092 shares in the company, valued at approximately $2,963,159.76. The trade was a 17.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.85% of the company's stock.

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.

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