Townsquare Capital LLC Has $498,000 Position in Ovintiv Inc. $OVV

Key Points

• Townsquare Capital LLC increased its stake in Ovintiv Inc. by 126.9% in the first quarter, owning 11,631 shares valued at approximately $498,000 according to its recent SEC filing.
• Several hedge funds boosted their holdings in Ovintiv, with 83.81% of the company's stock now owned by institutional investors.
• Ovintiv recently declared a quarterly dividend of $0.30 per share, representing a 3.0% yield, with the ex-dividend date on September 15th.

Townsquare Capital LLC raised its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 126.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,631 shares of the company's stock after purchasing an additional 6,504 shares during the quarter. Townsquare Capital LLC's holdings in Ovintiv were worth $498,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in OVV. Wells Fargo & Company MN increased its stake in shares of Ovintiv by 3.1% during the fourth quarter. Wells Fargo & Company MN now owns 88,986 shares of the company's stock valued at $3,604,000 after acquiring an additional 2,639 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Ovintiv during the fourth quarter valued at approximately $7,773,000. Barclays PLC increased its stake in shares of Ovintiv by 4.3% during the fourth quarter. Barclays PLC now owns 489,259 shares of the company's stock valued at $19,814,000 after acquiring an additional 20,262 shares during the period. NewEdge Advisors LLC increased its stake in shares of Ovintiv by 8.8% during the fourth quarter. NewEdge Advisors LLC now owns 29,898 shares of the company's stock valued at $1,211,000 after acquiring an additional 2,415 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of Ovintiv during the fourth quarter valued at approximately $4,360,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv Stock Down 1.4%

Shares of Ovintiv stock traded down $0.5470 during midday trading on Tuesday, hitting $38.5930. The company's stock had a trading volume of 2,595,617 shares, compared to its average volume of 3,569,144. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $47.18. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $9.92 billion, a P/E ratio of 17.08, a PEG ratio of 4.76 and a beta of 1.10. The stock has a 50-day simple moving average of $40.14 and a 200-day simple moving average of $39.08.

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

Ovintiv Dividend Announcement

The business also recently declared 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 3.1%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's dividend payout ratio is 53.10%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on OVV shares. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Mizuho lowered their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Finally, Morgan Stanley set a $48.00 price target on shares of Ovintiv and gave the stock an "equal weight" rating in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $53.33.

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.