Estate Counselors LLC Sells 41,280 Shares of Ovintiv Inc. $OVV

Key Points

• Estate Counselors LLC cut its Ovintiv stake by 55.5% in the first quarter, selling 41,280 shares and retaining 33,132 shares valued at approximately $1.97 million. Institutional investors collectively own 83.81% of the company.
• Ovintiv reported quarterly revenue of $3.01 billion, exceeding estimates of $2.37 billion, but earnings per share of $1.74 fell short of the $1.94 consensus forecast. Analysts expect full-year EPS of $7.08.
• The company declared a quarterly dividend of $0.30 per share, equivalent to a $1.20 annual payout and a 2.0% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $66.84.

Estate Counselors LLC decreased its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 55.5% during the first quarter, according to its most recent filing with the SEC. 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 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Stifel Financial Corp lifted its position in shares of Ovintiv by 1.4% in the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company's stock worth $749,000 after purchasing an additional 269 shares during the period. Root Financial Partners LLC increased its holdings in Ovintiv by 43.2% during the first quarter. Root Financial Partners LLC now owns 918 shares of the company's stock valued at $54,000 after buying an additional 277 shares during the period. Deseret Mutual Benefit Administrators increased its holdings in 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 period. Sanctuary Advisors LLC raised its stake in Ovintiv by 2.6% in the first quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company's stock worth $773,000 after buying an additional 324 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its stake in Ovintiv by 9.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company's stock worth $163,000 after buying an additional 362 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Ovintiv Price Performance

NYSE OVV opened at $60.10 on Tuesday. The firm's fifty day simple moving average is $56.37 and its two-hundred day simple moving average is $53.36. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $64.61. The firm has a market capitalization of $16.89 billion, a P/E ratio of 16.98 and a beta of 0.53.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Analysts forecast that Ovintiv Inc. will post 7.08 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.0%. The ex-dividend date is Tuesday, September 15th. Ovintiv's payout ratio is 33.90%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Mizuho increased their target price on Ovintiv from $69.00 to $75.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Citigroup reduced their price target on Ovintiv from $70.00 to $66.00 and set a "buy" rating for the company in a research report on Friday, July 17th. Morgan Stanley decreased their price objective on Ovintiv from $68.00 to $65.00 and set an "equal weight" rating for the company in a research note on Monday, June 29th. Wall Street Zen raised Ovintiv from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Wells Fargo & Company upgraded Ovintiv from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $57.00 to $80.00 in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $66.84.

Ovintiv Profile

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.

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