Horizon Investments LLC Trims Stock Position in Ovintiv Inc. $OVV

Key Points

• Horizon Investments LLC cut its Ovintiv stake by 93.7% in the fourth quarter, leaving it with 3,982 shares valued at about $156,000.
• Several institutional investors and hedge funds also adjusted positions in OVV, with hedge funds and other institutions still owning 83.81% of the company.
• Ovintiv reported strong quarterly earnings of $1.39 per share, beating estimates, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $60.42.

Horizon Investments LLC lessened its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 93.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,982 shares of the company's stock after selling 59,264 shares during the period. Horizon Investments LLC's holdings in Ovintiv were worth $156,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of OVV. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Ovintiv in the third quarter valued at about $36,000. Quent Capital LLC purchased a new stake in shares of Ovintiv in the third quarter valued at about $37,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Ovintiv in the fourth quarter valued at about $38,000. IFP Advisors Inc lifted its holdings in shares of Ovintiv by 58.4% in the third quarter. IFP Advisors Inc now owns 1,340 shares of the company's stock valued at $54,000 after purchasing an additional 494 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new stake in shares of Ovintiv in the third quarter valued at about $58,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Insider Buying and Selling

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of the stock in a transaction on Friday, March 13th. The shares were 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 owned 54,092 shares of the company's stock, valued at $2,963,159.76. This represents a 17.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Howard John Mayson sold 5,000 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the sale, the director directly owned 45,780 shares of the company's stock, valued at $2,398,414.20. The trade was a 9.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.85% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on OVV shares. Jefferies Financial Group reaffirmed a "buy" rating and issued a $54.00 price target on shares of Ovintiv in a report on Saturday, January 17th. TD Cowen upped their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, March 17th. Roth Mkm upped their price objective on shares of Ovintiv from $42.00 to $50.00 and gave the company a "neutral" rating in a research note on Tuesday, February 24th. Morgan Stanley initiated coverage on shares of Ovintiv in a research note on Friday, March 27th. They set an "equal weight" rating and a $68.00 price objective on the stock. Finally, Weiss Ratings raised shares of Ovintiv from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, April 2nd. Fifteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $60.42.

Ovintiv Stock Performance

NYSE:OVV opened at $57.82 on Monday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The company has a market cap of $16.38 billion, a P/E ratio of 11.95, a P/E/G ratio of 1.94 and a beta of 0.57. Ovintiv Inc. has a fifty-two week low of $34.88 and a fifty-two week high of $63.46. The firm's 50 day moving average is $56.34 and its two-hundred day moving average is $46.22.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.41. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. During the same quarter last year, the firm posted ($0.23) earnings per share. Analysts expect that Ovintiv Inc. will post 6.35 EPS for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.1%. Ovintiv's dividend payout ratio (DPR) is currently 24.79%.

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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