Ovintiv Inc. $OVV Shares Acquired by Yaupon Capital Management LP

Key Points

• Yaupon Capital Management LP increased its stake in Ovintiv Inc. by 24.6%, now holding 1,164,408 shares, which represents approximately 2.6% of its total holdings.
• Institutional investors own 83.81% of Ovintiv's stock, with notable purchases from Charles Schwab Investment Management, which raised its stake by 383.8% in the first quarter.
• Ovintiv announced a quarterly dividend of $0.30 per share, reflecting an annualized yield of 2.9%, with a payout ratio of 53.10%.

Yaupon Capital Management LP raised its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 24.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,164,408 shares of the company's stock after acquiring an additional 229,966 shares during the quarter. Ovintiv makes up about 2.6% of Yaupon Capital Management LP's investment portfolio, making the stock its 5th largest holding. Yaupon Capital Management LP owned 0.45% of Ovintiv worth $49,837,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of OVV. Harbour Investments Inc. grew its holdings in Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock worth $39,000 after purchasing an additional 542 shares during the period. Gen Wealth Partners Inc raised its stake in Ovintiv by 91.8% in the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock valued at $43,000 after buying an additional 484 shares during the period. SVB Wealth LLC acquired a new stake in shares of Ovintiv in the first quarter valued at approximately $48,000. Quent Capital LLC boosted its stake in shares of Ovintiv by 146.5% during the 1st quarter. Quent Capital LLC now owns 1,134 shares of the company's stock worth $49,000 after acquiring an additional 674 shares during the period. Finally, Smartleaf Asset Management LLC boosted its stake in shares of Ovintiv by 43.4% during the 1st 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. 83.81% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on OVV shares. The Goldman Sachs Group upgraded 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 note on Tuesday, July 1st. Scotiabank upped their price objective on shares of Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a report on Friday, July 11th. UBS Group increased their price objective on shares of Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Finally, Morgan Stanley set a $48.00 price target on shares of Ovintiv and gave the company an "equal weight" rating in a research note on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $53.07.

Ovintiv Stock Performance

NYSE:OVV traded down $0.46 during mid-day trading on Friday, reaching $41.91. 2,138,929 shares of the company's stock were exchanged, compared to its average volume of 3,503,104. Ovintiv Inc. has a one year low of $29.80 and a one year 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. The business's fifty day simple moving average is $40.61 and its two-hundred day simple moving average is $38.83. The firm has a market capitalization of $10.77 billion, a PE ratio of 18.54, a price-to-earnings-growth ratio of 5.51 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.92 billion. Analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

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