Modus Advisors LLC grew its position in shares of Ovintiv Inc. (NYSE:OVV – Free Report) by 10.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 92,537 shares of the company’s stock after purchasing an additional 8,635 shares during the period. Ovintiv comprises about 1.5% of Modus Advisors LLC’s holdings, making the stock its 23rd largest holding. Modus Advisors LLC’s holdings in Ovintiv were worth $3,523,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of the company. Belpointe Asset Management LLC purchased a new stake in Ovintiv during the fourth quarter valued at about $29,000. Clearstead Advisors LLC bought a new position in Ovintiv during the 1st quarter valued at approximately $41,000. ICA Group Wealth Management LLC bought a new stake in shares of Ovintiv in the 4th quarter worth approximately $41,000. OLD Mission Capital LLC purchased a new position in shares of Ovintiv during the fourth quarter valued at approximately $45,000. Finally, Exos TFP Holdings LLC bought a new position in shares of Ovintiv during the fourth quarter valued at approximately $46,000. 98.30% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of research firms recently issued reports on OVV. Evercore ISI decreased their price target on shares of Ovintiv from $42.00 to $39.00 in a research note on Monday, July 10th. Morgan Stanley boosted their price objective on shares of Ovintiv from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, August 18th. Citigroup boosted their price target on Ovintiv from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 1st. Wells Fargo & Company boosted their target price on Ovintiv from $36.00 to $39.00 in a report on Friday, July 7th. Finally, CIBC reduced their price target on Ovintiv from $55.00 to $50.00 in a report on Tuesday, May 23rd. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.47.
Insiders Place Their Bets
In related news, Director Steven W. Nance sold 1,201 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $48.65, for a total transaction of $58,428.65. Following the completion of the transaction, the director now directly owns 20,929 shares of the company’s stock, valued at $1,018,195.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.
Ovintiv Stock Performance
Shares of NYSE OVV traded up $0.50 during trading on Thursday, hitting $48.54. The company had a trading volume of 666,378 shares, compared to its average volume of 3,574,401. The stock has a 50 day simple moving average of $45.02 and a 200 day simple moving average of $39.71. The firm has a market capitalization of $13.29 billion, a P/E ratio of 3.63, a price-to-earnings-growth ratio of 0.56 and a beta of 2.81. Ovintiv Inc. has a 12 month low of $32.07 and a 12 month high of $59.10. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.45 and a current ratio of 0.45.
Ovintiv (NYSE:OVV – Get Free Report) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.91 by $0.02. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.11 billion. Ovintiv had a net margin of 28.27% and a return on equity of 16.27%. As a group, analysts anticipate that Ovintiv Inc. will post 6.38 earnings per share for the current year.
Ovintiv Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend is Thursday, September 14th. Ovintiv’s dividend payout ratio (DPR) is presently 9.06%.
Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.
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