Modus Advisors LLC Lowers Stock Holdings in Ovintiv Inc. $OVV

Modus Advisors LLC lessened its stake in shares of Ovintiv Inc. (NYSE:OVV) by 0.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,920 shares of the company’s stock after selling 434 shares during the quarter. Modus Advisors LLC’s holdings in Ovintiv were worth $4,220,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Concurrent Investment Advisors LLC raised its stake in shares of Ovintiv by 5.6% during the first quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company’s stock worth $239,000 after purchasing an additional 297 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Ovintiv by 43.4% during the first quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company’s stock worth $49,000 after purchasing an additional 349 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Ovintiv by 16.9% during the first quarter. UMB Bank n.a. now owns 2,890 shares of the company’s stock worth $124,000 after purchasing an additional 417 shares during the last quarter. Crossmark Global Holdings Inc. raised its stake in shares of Ovintiv by 0.6% during the first quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company’s stock worth $2,962,000 after purchasing an additional 420 shares during the last quarter. Finally, Aberdeen Group plc raised its stake in shares of Ovintiv by 5.5% during the first quarter. Aberdeen Group plc now owns 9,168 shares of the company’s stock worth $392,000 after purchasing an additional 475 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. The Goldman Sachs Group upgraded Ovintiv from a “neutral” rating to a “buy” rating and upped their price target for the stock from $47.00 to $51.00 in a research note on Tuesday, July 1st. Wells Fargo & Company cut their target price on Ovintiv from $46.00 to $41.00 and set an “equal weight” rating for the company in a research note on Monday, June 16th. Barclays increased their target price on Ovintiv from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. Scotiabank increased their target price on Ovintiv from $48.00 to $51.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 11th. Finally, UBS Group increased their target price on Ovintiv from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $53.07.

Ovintiv Stock Performance

NYSE OVV opened at $41.91 on Friday. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $47.18. The company has a market capitalization of $10.77 billion, a P/E ratio of 18.54, a PEG ratio of 5.44 and a beta of 1.08. The business has a 50 day moving average price of $40.65 and a 200 day moving average price of $38.81. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.92 billion. Sell-side analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv’s dividend payout ratio (DPR) is presently 53.10%.

Ovintiv 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.