Bayforest Capital Ltd Grows Holdings in Ovintiv Inc. (NYSE:OVV)

Bayforest Capital Ltd raised its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 2,820.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,849 shares of the company's stock after acquiring an additional 16,272 shares during the period. Bayforest Capital Ltd's holdings in Ovintiv were worth $721,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in OVV. LPL Financial LLC grew its holdings in shares of Ovintiv by 17.8% during the fourth quarter. LPL Financial LLC now owns 89,492 shares of the company's stock worth $3,624,000 after buying an additional 13,554 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Ovintiv by 19.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock worth $8,768,000 after purchasing an additional 34,207 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Ovintiv by 30.1% during the fourth quarter. JPMorgan Chase & Co. now owns 1,524,743 shares of the company's stock worth $61,752,000 after purchasing an additional 352,368 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in shares of Ovintiv by 5.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 89,690 shares of the company's stock worth $3,632,000 after buying an additional 4,272 shares during the period. Finally, DnB Asset Management AS increased its stake in shares of Ovintiv by 8.9% during the fourth quarter. DnB Asset Management AS now owns 56,258 shares of the company's stock worth $2,278,000 after buying an additional 4,582 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Wells Fargo & Company dropped their price target on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, June 16th. Citigroup set a $54.00 price target on Ovintiv and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Morgan Stanley reissued an "overweight" rating and issued a $50.00 target price on shares of Ovintiv in a report on Tuesday, April 15th. TD Cowen raised Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Barclays lifted their price objective on Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $53.94.

Ovintiv Stock Down 4.2%

NYSE OVV traded down $1.75 on Friday, reaching $39.43. The company had a trading volume of 3,191,481 shares, compared to its average volume of 3,616,034. The firm has a market capitalization of $10.13 billion, a PE ratio of 17.45, a P/E/G ratio of 5.11 and a beta of 1.08. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $47.18. The firm has a 50-day moving average of $39.53 and a 200-day moving average of $39.60. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43.

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

Ovintiv Announces Dividend

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 paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Monday, September 15th. Ovintiv's dividend payout ratio is 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.