Entropy Technologies LP Raises Position in Ovintiv Inc. $OVV

Entropy Technologies LP grew its stake in Ovintiv Inc. (NYSE:OVV) by 146.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,038 shares of the company’s stock after purchasing an additional 61,221 shares during the period. Entropy Technologies LP’s holdings in Ovintiv were worth $3,921,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Kestra Private Wealth Services LLC raised its holdings in Ovintiv by 9.2% during the 1st quarter. Kestra Private Wealth Services LLC now owns 5,737 shares of the company’s stock valued at $246,000 after buying an additional 482 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its position in Ovintiv by 2.7% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 125,556 shares of the company’s stock valued at $5,374,000 after acquiring an additional 3,357 shares during the last quarter. Gilbert & Cook Inc. purchased a new stake in shares of Ovintiv in the first quarter valued at $211,000. Cetera Investment Advisers lifted its holdings in shares of Ovintiv by 27.0% in the 1st quarter. Cetera Investment Advisers now owns 36,997 shares of the company’s stock worth $1,583,000 after acquiring an additional 7,869 shares during the last quarter. Finally, HB Wealth Management LLC bought a new stake in shares of Ovintiv in the 1st quarter worth about $241,000. Institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on OVV shares. Barclays reduced their price objective on shares of Ovintiv from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ovintiv in a research note on Monday. JPMorgan Chase & Co. decreased their price target on Ovintiv from $50.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, October 3rd. Wells Fargo & Company boosted their price objective on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $47.00 price objective on shares of Ovintiv in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $51.82.

Ovintiv Stock Performance

Ovintiv stock opened at $38.58 on Friday. 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 company has a market capitalization of $9.77 billion, a PE ratio of 17.07, a P/E/G ratio of 1.89 and a beta of 1.00. The company has a 50 day moving average price of $39.02 and a 200-day moving average price of $39.27. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.06. The company had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. As a group, equities analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Monday, December 15th. This represents a $1.20 annualized dividend and a dividend yield of 3.1%. Ovintiv’s dividend payout ratio (DPR) is currently 131.87%.

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.