Bayforest Capital Ltd Increases 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 grew its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 2,820.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,849 shares of the company's stock after purchasing an additional 16,272 shares during the quarter. Bayforest Capital Ltd's holdings in Ovintiv were worth $721,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Ovintiv by 8.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,136,480 shares of the company's stock valued at $48,641,000 after acquiring an additional 91,601 shares during the last quarter. Yaupon Capital Management LP increased its position in shares of Ovintiv by 24.6% during the first quarter. Yaupon Capital Management LP now owns 1,164,408 shares of the company's stock valued at $49,837,000 after acquiring an additional 229,966 shares during the last quarter. Meiji Yasuda Life Insurance Co increased its position in shares of Ovintiv by 51.2% during the first quarter. Meiji Yasuda Life Insurance Co now owns 13,051 shares of the company's stock valued at $559,000 after acquiring an additional 4,421 shares during the last quarter. Arete Wealth Advisors LLC purchased a new stake in shares of Ovintiv during the first quarter valued at approximately $39,147,000. Finally, Great Lakes Advisors LLC purchased a new stake in shares of Ovintiv during the first quarter valued at approximately $202,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on OVV shares. Morgan Stanley set a $48.00 price target on Ovintiv and gave the company an "equal weight" rating in a research report on Monday, August 18th. The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and increased their price target for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. Scotiabank upped 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. TD Cowen upgraded Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Wells Fargo & Company dropped their price objective on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, June 16th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Ovintiv has a consensus rating of "Buy" and an average price target of $53.07.

Ovintiv Stock Performance

Ovintiv stock traded down $0.52 during trading on Thursday, hitting $42.35. The stock had a trading volume of 3,258,737 shares, compared to its average volume of 2,773,814. 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 $10.89 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 5.51 and a beta of 1.08. 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 stock's 50 day moving average is $40.61 and its two-hundred day moving average is $38.83.

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 analysts' consensus estimates of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The business had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.92 billion. As a group, analysts predict 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. Stockholders of record on Monday, September 15th will be given a $0.30 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. Ovintiv's 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.