Modus Advisors LLC Sells 43,503 Shares of Ovintiv Inc. $OVV

Modus Advisors LLC lessened its stake in Ovintiv Inc. (NYSE:OVV) by 41.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 60,768 shares of the company’s stock after selling 43,503 shares during the period. Modus Advisors LLC’s holdings in Ovintiv were worth $2,381,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in OVV. AQR Capital Management LLC grew its position in shares of Ovintiv by 263.8% in the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after buying an additional 3,589,030 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Ovintiv by 25.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock valued at $379,165,000 after buying an additional 1,927,193 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Ovintiv in the 2nd quarter valued at about $41,701,000. Two Sigma Investments LP grew its position in shares of Ovintiv by 1,393.1% in the 3rd quarter. Two Sigma Investments LP now owns 760,924 shares of the company’s stock valued at $30,726,000 after buying an additional 709,962 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Ovintiv by 12.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,888,500 shares of the company’s stock valued at $237,747,000 after buying an additional 649,819 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Insider Buying and Selling

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the sale, the executive vice president directly owned 54,092 shares of the company’s stock, valued at $2,963,159.76. The trade was a 17.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.85% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on OVV shares. Royal Bank Of Canada reiterated an “outperform” rating and issued a $70.00 price target on shares of Ovintiv in a research report on Wednesday, May 13th. JPMorgan Chase & Co. began coverage on Ovintiv in a research note on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 price objective on the stock. Weiss Ratings downgraded Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a research note on Tuesday, May 12th. Wells Fargo & Company boosted their price objective on Ovintiv from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, May 14th. Finally, TD Cowen boosted their price objective on Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $56.74 on Friday. Ovintiv Inc. has a one year low of $35.47 and a one year high of $63.46. The firm has a market capitalization of $15.95 billion, a price-to-earnings ratio of 18.30 and a beta of 0.53. The business has a 50-day simple moving average of $58.05 and a 200 day simple moving average of $49.19. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56.

Ovintiv (NYSE:OVV) last issued its earnings results on Monday, May 11th. The company reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.15. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%.The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. On average, research analysts anticipate that Ovintiv Inc. will post 8.15 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Monday, June 15th. Ovintiv’s payout ratio is presently 38.71%.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.