This ritual is used to make your hunting trip more successful. It must be performed in the early morning, before hunting starts.
When used tracking went from 64 to 95, and in another instance, from 72 to 95.
It's believed to increase tracking skill up 30%, maximum 95. If your actual skill is higher than 65 you might have trouble/bug with this one and Banish evil water spirit. Unknown if it's changed in v318 stable.