Dockside LLC Purchases New Position in Ovintiv Inc. $OVV

Dockside LLC purchased a new stake in Ovintiv Inc. (NYSE:OVV) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 97,998 shares of the company’s stock, valued at approximately $3,841,000. Ovintiv accounts for 1.0% of Dockside LLC’s investment portfolio, making the stock its 23rd largest position.

Other large investors have also recently modified their holdings of the company. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Ovintiv in the third quarter valued at approximately $36,000. Flagship Harbor Advisors LLC purchased a new stake in Ovintiv during the fourth quarter worth $38,000. Los Angeles Capital Management LLC purchased a new stake in Ovintiv during the fourth quarter worth $46,000. Deseret Mutual Benefit Administrators lifted its holdings in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after buying an additional 287 shares during the period. Finally, IFP Advisors Inc lifted its holdings in Ovintiv by 58.4% during the third quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock worth $54,000 after buying an additional 494 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on OVV shares. Citigroup restated a “neutral” rating and set a $62.00 target price (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Roth Mkm upped their target price on Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Scotiabank upgraded Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday, May 20th. Mizuho upped their target price on Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Finally, Bank of America upped their target price on Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Ovintiv Stock Performance

Shares of OVV stock opened at $57.33 on Friday. The business’s fifty day simple moving average is $57.76 and its 200-day simple moving average is $49.84. The company has a market cap of $16.11 billion, a PE ratio of 18.49 and a beta of 0.53. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $63.46.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15. The business had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. Analysts expect that Ovintiv Inc. will post 8.15 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.1%. Ovintiv’s dividend payout ratio is presently 38.71%.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.