Carrera Capital Advisors Takes $1.43 Million Position 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 purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 33,360 shares of the company's stock, valued at approximately $1,428,000.

Several other institutional investors have also made changes to their positions in the company. LPL Financial LLC lifted its holdings in Ovintiv by 13.3% in the 1st quarter. LPL Financial LLC now owns 101,389 shares of the company's stock worth $4,339,000 after purchasing an additional 11,897 shares during the last quarter. HB Wealth Management LLC bought a new position in Ovintiv in the 1st quarter worth approximately $241,000. Cetera Investment Advisers increased its position in Ovintiv by 27.0% in the 1st quarter. Cetera Investment Advisers now owns 36,997 shares of the company's stock worth $1,583,000 after buying an additional 7,869 shares during the period. Gilbert & Cook Inc. bought a new position in Ovintiv in the 1st quarter worth approximately $211,000. Finally, Convergence Investment Partners LLC bought a new position in Ovintiv in the 1st quarter worth approximately $1,271,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on OVV shares. Wells Fargo & Company dropped their price target on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, June 16th. Scotiabank boosted their price objective on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. Mizuho lowered their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. The Goldman Sachs Group upgraded Ovintiv from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. Finally, Morgan Stanley restated an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a research report on Tuesday, April 15th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $53.94.

Ovintiv Stock Up 3.5%

Shares of Ovintiv stock opened at $41.40 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market capitalization of $10.76 billion, a P/E ratio of 18.32, a price-to-earnings-growth ratio of 2.31 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 business has a 50-day moving average of $39.05 and a two-hundred day moving average of $39.60.

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

Ovintiv Dividend Announcement

The business 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 dividend of $0.30 per share. The ex-dividend date is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.90%. Ovintiv's payout ratio is 53.10%.

Ovintiv Company Profile

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.

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