Modus Advisors LLC Raises Holdings in Ovintiv Inc. (NYSE:OVV)

Modus Advisors LLC raised its holdings in Ovintiv Inc. (NYSE:OVV) by 3.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 111,958 shares of the company’s stock after purchasing an additional 3,401 shares during the quarter. Ovintiv accounts for 1.4% of Modus Advisors LLC’s holdings, making the stock its 25th largest holding. Modus Advisors LLC’s holdings in Ovintiv were worth $4,534,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of OVV. True Wealth Design LLC increased its position in shares of Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after purchasing an additional 636 shares during the last quarter. UMB Bank n.a. boosted its stake in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after buying an additional 286 shares during the period. Transamerica Financial Advisors Inc. acquired a new stake in shares of Ovintiv during the third quarter valued at about $65,000. Covestor Ltd raised its stake in shares of Ovintiv by 43.9% in the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after acquiring an additional 560 shares during the period. Finally, Abich Financial Wealth Management LLC acquired a new position in shares of Ovintiv in the 3rd quarter worth approximately $122,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Up 0.6 %

Shares of NYSE:OVV traded up $0.24 on Friday, hitting $41.85. 191,432 shares of the company’s stock were exchanged, compared to its average volume of 943,411. Ovintiv Inc. has a 1-year low of $36.90 and a 1-year high of $55.95. The company has a market capitalization of $10.89 billion, a PE ratio of 5.55 and a beta of 2.63. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The firm’s 50-day moving average is $41.64 and its 200 day moving average is $42.74.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend was Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is 15.92%.

Analysts Set New Price Targets

A number of brokerages have issued reports on OVV. Morgan Stanley cut their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Wells Fargo & Company lowered their target price on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. JPMorgan Chase & Co. lowered their price objective on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Finally, Scotiabank upped their target price on shares of Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research note on Monday, November 18th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $56.59.

About Ovintiv

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.