Carrera Capital Advisors Makes New Investment in Ovintiv Inc. (NYSE:OVV)

Key Points

• Carrera Capital Advisors has acquired a new position in Ovintiv Inc., purchasing 33,360 shares valued at approximately $1.43 million in the first quarter of the year.
• Ovintiv's recent earnings report revealed $1.02 earnings per share, slightly below analysts' expectations, alongside a revenue of $1.79 billion, missing the consensus estimate of $1.92 billion.
• The company announced a quarterly dividend of $0.30 per share, with an annualized dividend yield of 2.90%, set to be paid on September 29th.

Carrera Capital Advisors acquired a new position in Ovintiv Inc. (NYSE:OVV - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 33,360 shares of the company's stock, valued at approximately $1,428,000.

Other institutional investors have also made changes to their positions in the company. Colonial Trust Co SC bought a new stake in shares of Ovintiv in the fourth quarter worth $28,000. Mizuho Bank Ltd. bought a new stake in shares of Ovintiv in the fourth quarter worth $40,000. Optiver Holding B.V. bought a new stake in shares of Ovintiv in the fourth quarter worth $40,000. Quent Capital LLC lifted its position in shares of Ovintiv by 146.5% in the first quarter. Quent Capital LLC now owns 1,134 shares of the company's stock worth $49,000 after purchasing an additional 674 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in shares of Ovintiv in the first quarter worth $68,000. Institutional investors own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

OVV has been the topic of a number of research reports. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Scotiabank boosted their target price on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a report on Friday, July 11th. Citigroup set a $54.00 target price on shares of Ovintiv and gave the stock a "buy" rating in a report on Wednesday, July 2nd. TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Finally, Wells Fargo & Company lowered their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, June 16th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $53.94.

Ovintiv Stock Performance

Shares of NYSE:OVV traded down $0.97 on Thursday, hitting $41.30. The company had a trading volume of 1,710,045 shares, compared to its average volume of 3,609,059. The stock has a 50 day moving average price of $39.42 and a 200 day moving average price of $39.62. The stock has a market cap of $10.61 billion, a price-to-earnings ratio of 18.28, a P/E/G ratio of 5.18 and a beta of 1.08. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $48.35. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42.

Ovintiv (NYSE:OVV - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). The business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. Analysts expect that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's payout ratio is presently 53.10%.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.