Bayforest Capital Ltd Grows Holdings in Ovintiv Inc. $OVV

Key Points

• Bayforest Capital Ltd significantly increased its holdings in Ovintiv Inc. by 2,820.1% during the first quarter, acquiring an additional 16,272 shares and bringing its total to 16,849 shares valued at approximately $721,000.
• Several institutional investors, including UBS AM and Yaupon Capital Management, also expanded their positions in Ovintiv, with institutional investors owning 83.81% of the company’s stock.
• Ovintiv announced a quarterly dividend of $0.30, resulting in an annualized dividend of $1.20 and a dividend yield of 2.9%, with the ex-dividend date set for September 15th.

Bayforest Capital Ltd raised its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 2,820.1% in the first quarter, according to the company in its most recent Form 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 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Harbour Investments Inc. increased its stake in shares of Ovintiv by 143.8% in the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after purchasing an additional 542 shares during the last quarter. Gen Wealth Partners Inc increased its holdings in Ovintiv by 91.8% during the 1st quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock worth $43,000 after purchasing an additional 484 shares in the last quarter. SVB Wealth LLC bought a new position in shares of Ovintiv in the first quarter valued at approximately $48,000. Quent Capital LLC grew its holdings in Ovintiv by 146.5% during the first quarter. Quent Capital LLC now owns 1,134 shares of the company's stock valued at $49,000 after purchasing an additional 674 shares during the period. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Ovintiv by 43.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company's stock worth $49,000 after acquiring an additional 349 shares during the period. Institutional investors own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on OVV shares. Scotiabank raised their price objective on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research note on Friday, July 11th. Barclays boosted their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Morgan Stanley set a $48.00 price target on shares of Ovintiv and gave the stock an "equal weight" rating in a research note on Monday, August 18th. TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Finally, The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Two equities 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's stock. Based on data from MarketBeat.com, Ovintiv presently has a consensus rating of "Buy" and a consensus target price of $53.07.

Ovintiv Stock Performance

Shares of Ovintiv stock traded down $0.46 during trading on Friday, hitting $41.91. 2,138,929 shares of the company's stock were exchanged, compared to its average volume of 2,838,529. The stock has a market capitalization of $10.77 billion, a price-to-earnings ratio of 18.54, a PEG ratio of 5.44 and a beta of 1.08. The business has a 50-day simple moving average of $40.65 and a 200-day simple moving average of $38.81. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $47.18. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43.

Ovintiv (NYSE:OVV - Get Free Report) last announced 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%. On average, research analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's dividend payout ratio (DPR) is currently 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.