Ovintiv Inc. (NYSE:OVV) Position Boosted by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC raised its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 162.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 35,636 shares of the company's stock after purchasing an additional 22,050 shares during the period. Pallas Capital Advisors LLC's holdings in Ovintiv were worth $1,525,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Colonial Trust Co SC purchased a new position in Ovintiv during the 4th quarter valued at about $28,000. Smartleaf Asset Management LLC increased its stake in shares of Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after purchasing an additional 335 shares in the last quarter. Mizuho Bank Ltd. acquired a new position in shares of Ovintiv during the 4th quarter worth approximately $40,000. Optiver Holding B.V. acquired a new position in shares of Ovintiv during the 4th quarter worth approximately $40,000. Finally, Cullen Frost Bankers Inc. lifted its stake in Ovintiv by 3,571.4% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock valued at $42,000 after buying an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Up 1.4%

OVV traded up $0.53 during trading hours on Tuesday, reaching $39.34. 4,624,816 shares of the stock traded hands, compared to its average volume of 3,356,870. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The firm's fifty day simple moving average is $35.30 and its two-hundred day simple moving average is $39.88. The company has a market cap of $10.22 billion, a price-to-earnings ratio of 5.22 and a beta of 1.09. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $49.57.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. The firm had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. As a group, analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a $0.30 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.20 annualized dividend and a yield of 3.05%. Ovintiv's dividend payout ratio is presently 51.06%.

Analyst Upgrades and Downgrades

OVV has been the subject of several recent research reports. JPMorgan Chase & Co. dropped their price target on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Mizuho decreased their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $50.00 price objective on shares of Ovintiv in a research report on Tuesday, April 15th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $55.65.

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.