Dockside LLC Makes New $3.40 Million Investment in Ovintiv Inc. $OVV

Dockside LLC acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 64,544 shares of the company’s stock, valued at approximately $3,398,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Steph & Co. purchased a new stake in Ovintiv in the first quarter worth about $29,000. Root Financial Partners LLC increased its stake in shares of Ovintiv by 43.2% during the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after purchasing an additional 277 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Ovintiv during the fourth quarter valued at approximately $46,000. Deseret Mutual Benefit Administrators lifted its holdings in shares of Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after purchasing an additional 287 shares during the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of Ovintiv in the 3rd quarter worth approximately $58,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OVV has been the topic of several recent research reports. Wall Street Zen upgraded Ovintiv from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. UBS Group lifted their price objective on Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Stephens reissued a “positive” rating and issued a $69.00 target price on shares of Ovintiv in a research note on Friday, July 24th. Texas Capital upgraded Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. Finally, Weiss Ratings raised Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $66.79.

Ovintiv Stock Performance

Shares of NYSE OVV opened at $62.99 on Friday. The firm’s 50-day moving average price is $57.31 and its 200-day moving average price is $55.40. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The company has a market cap of $17.35 billion, a PE ratio of 17.79 and a beta of 0.53. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $64.61.

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

Ovintiv Announces Dividend

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

Insiders Place Their Bets

In other news, EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares in the company, valued at $4,592,599.60. This trade represents a 9.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.85% of the company’s stock.

Ovintiv Company Profile

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.