Magnolia Capital Advisors LLC Acquires New Stake in Ovintiv Inc. (NYSE:OVV)

Magnolia Capital Advisors LLC acquired a new stake in Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 33,730 shares of the company’s stock, valued at approximately $1,581,000.

Other hedge funds have also recently added to or reduced their stakes in the company. TD Asset Management Inc raised its stake in Ovintiv by 176.3% in the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock valued at $2,027,000 after purchasing an additional 29,449 shares during the last quarter. Wedge Capital Management L L P NC raised its stake in Ovintiv by 25.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock valued at $25,090,000 after purchasing an additional 106,900 shares during the last quarter. FORA Capital LLC acquired a new position in Ovintiv in the 1st quarter valued at $4,244,000. Jacobs Levy Equity Management Inc. purchased a new stake in Ovintiv in the 1st quarter valued at $1,149,000. Finally, Canandaigua National Bank & Trust Co. purchased a new stake in Ovintiv in the 2nd quarter valued at $1,441,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Price Performance

OVV stock opened at $38.37 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The firm has a market capitalization of $10.11 billion, a P/E ratio of 5.36, a P/E/G ratio of 7.23 and a beta of 2.62. The business’s 50-day moving average is $42.11 and its two-hundred day moving average is $47.18. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. Analysts anticipate that Ovintiv Inc. will post 5.26 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend was Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Analyst Ratings Changes

OVV has been the subject of several analyst reports. Morgan Stanley dropped their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Wolfe Research initiated coverage on Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 target price for the company. Evercore ISI restated an “outperform” rating and issued a $60.00 target price on shares of Ovintiv in a report on Wednesday, July 10th. Truist Financial upped their target price on Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, TD Cowen upped their target price on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.83.

Ovintiv Company 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.