Ovintiv Inc. $OVV Shares Sold by Estate Counselors LLC

Estate Counselors LLC cut its stake in Ovintiv Inc. (NYSE:OVV) by 55.5% in the first quarter, Holdings Channel reports. The firm owned 33,132 shares of the company’s stock after selling 41,280 shares during the period. Estate Counselors LLC’s holdings in Ovintiv were worth $1,967,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of OVV. Steph & Co. acquired a new position in Ovintiv during the 1st quarter valued at approximately $29,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Ovintiv during the fourth quarter worth $38,000. Los Angeles Capital Management LLC acquired a new stake in shares of Ovintiv during the fourth quarter worth $46,000. Deseret Mutual Benefit Administrators grew its holdings in shares of Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after buying an additional 287 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in shares of Ovintiv by 58.4% during the third quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock valued at $54,000 after buying an additional 494 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on OVV shares. Scotiabank upgraded Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th. National Bank Financial boosted their price target on Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Truist Financial reissued a “buy” rating and issued a $73.00 price objective (up from $66.00) on shares of Ovintiv in a report on Monday. Citigroup reduced their price objective on Ovintiv from $70.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, July 17th. Finally, Barclays raised their price objective on Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $66.84.

Ovintiv Stock Down 4.8%

NYSE:OVV opened at $60.10 on Tuesday. The firm has a market capitalization of $16.89 billion, a P/E ratio of 16.98 and a beta of 0.53. Ovintiv Inc. has a 1-year low of $35.47 and a 1-year high of $64.61. The company’s fifty day moving average price is $56.37 and its 200-day moving average price is $53.36. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01.

Ovintiv (NYSE:OVV) last issued its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.20). The business had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. As a group, equities research analysts anticipate that Ovintiv Inc. will post 7.08 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s dividend payout ratio (DPR) is currently 33.90%.

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.