Edgestream Partners L.P. Makes New $4.11 Million Investment in Ovintiv Inc. $OVV

Edgestream Partners L.P. bought a new position in shares of Ovintiv Inc. (NYSE:OVV) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 69,195 shares of the company’s stock, valued at approximately $4,107,000.

A number of other large investors also recently modified their holdings of the stock. Steph & Co. bought a new stake in shares of Ovintiv during the first quarter valued at approximately $29,000. Flagship Harbor Advisors LLC bought a new position in Ovintiv in the 4th quarter worth approximately $38,000. Los Angeles Capital Management LLC bought a new position in Ovintiv in the 4th quarter worth approximately $46,000. Deseret Mutual Benefit Administrators raised its position in Ovintiv by 27.6% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after purchasing an additional 287 shares during the last quarter. Finally, Root Financial Partners LLC lifted its holdings in Ovintiv by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after buying an additional 277 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on OVV shares. Morgan Stanley decreased their price objective on Ovintiv from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Monday, June 29th. Mizuho boosted their target price on Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Barclays upped their price target on Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. National Bank Financial raised their price target on Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Finally, Stephens reiterated a “positive” rating and issued a $69.00 price target on shares of Ovintiv in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $66.89.

Ovintiv Trading Up 1.3%

OVV opened at $62.40 on Friday. The firm has a 50 day simple moving average of $56.50 and a 200 day simple moving average of $53.90. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $64.61. The company has a market cap of $17.19 billion, a price-to-earnings ratio of 17.63 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. On average, sell-side analysts anticipate that Ovintiv Inc. will post 6.87 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. Ovintiv’s dividend payout ratio is 33.90%.

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.