Maverick Capital Ltd. Increases Stake in Ovintiv Inc. $OVV

Key Points

• Maverick Capital Ltd. increased its stake in Ovintiv Inc. by 135.3% during the first quarter, acquiring an additional 7,758 shares, bringing its total holdings to 13,492 shares valued at $577,000.
• Ovintiv reported Q2 earnings of $1.02 per share, missing expectations, with a revenue of $1.79 billion against an anticipated $1.92 billion.
• The company announced a quarterly dividend of $0.30 per share, resulting in an annualized dividend yield of 2.8% for investors.

Maverick Capital Ltd. boosted its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 135.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,492 shares of the company's stock after acquiring an additional 7,758 shares during the period. Maverick Capital Ltd.'s holdings in Ovintiv were worth $577,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of OVV. Colonial Trust Co SC purchased a new position in Ovintiv during the 4th quarter valued at about $28,000. Harbour Investments Inc. lifted its position in Ovintiv by 143.8% during the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after acquiring an additional 542 shares during the period. Gen Wealth Partners Inc lifted its position in Ovintiv by 91.8% during the 1st quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock valued at $43,000 after acquiring an additional 484 shares during the period. SVB Wealth LLC purchased a new position in Ovintiv during the 1st quarter valued at about $48,000. Finally, Quent Capital LLC lifted its position in Ovintiv by 146.5% during the 1st quarter. Quent Capital LLC now owns 1,134 shares of the company's stock valued at $49,000 after acquiring an additional 674 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on OVV shares. 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. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $47.00 to $51.00 in a report on Tuesday, July 1st. Barclays lifted their target price on shares of Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Mizuho decreased their target price on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Finally, UBS Group lifted their target price on shares of Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Ovintiv presently has an average rating of "Buy" and an average target price of $53.07.

Ovintiv Stock Performance

Shares of OVV traded down $1.51 during mid-day trading on Friday, hitting $41.09. 3,572,283 shares of the company traded hands, compared to its average volume of 2,742,032. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a 50-day moving average price of $40.40 and a two-hundred day moving average price of $38.90. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $47.18. The stock has a market cap of $10.56 billion, a price-to-earnings ratio of 18.18, a P/E/G ratio of 5.47 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data 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). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The company had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.92 billion. Equities analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

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

Ovintiv 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.