Manning & Napier Advisors LLC trimmed its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 57.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,277 shares of the company's stock after selling 23,010 shares during the period. Manning & Napier Advisors LLC's holdings in Ovintiv were worth $739,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the business. Envestnet Portfolio Solutions Inc. grew its stake in shares of Ovintiv by 71.9% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 9,113 shares of the company's stock valued at $390,000 after purchasing an additional 3,813 shares during the period. State of Alaska Department of Revenue increased its holdings in shares of Ovintiv by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 30,500 shares of the company's stock worth $1,305,000 after buying an additional 820 shares in the last quarter. Inscription Capital LLC bought a new stake in Ovintiv during the 1st quarter worth approximately $215,000. FNY Investment Advisers LLC bought a new position in Ovintiv in the 1st quarter valued at $68,000. Finally, QRG Capital Management Inc. grew its holdings in shares of Ovintiv by 28.1% during the first quarter. QRG Capital Management Inc. now owns 57,105 shares of the company's stock worth $2,444,000 after purchasing an additional 12,510 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.
Ovintiv Trading Down 0.8%
Shares of Ovintiv stock traded down $0.30 during trading on Tuesday, hitting $38.61. The company's stock had a trading volume of 5,113,906 shares, compared to its average volume of 3,345,416. The stock has a market cap of $10.03 billion, a price-to-earnings ratio of 16.43, a price-to-earnings-growth ratio of 2.26 and a beta of 1.09. The stock has a 50-day moving average price of $36.76 and a two-hundred day moving average price of $39.64. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.43 and a quick ratio of 0.43. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $49.57.
Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.22. The firm had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. Equities research analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.
Ovintiv Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.11%. The ex-dividend date is Friday, June 13th. Ovintiv's dividend payout ratio (DPR) is currently 51.06%.
Wall Street Analyst Weigh In
OVV has been the topic of several research reports. Mizuho reduced their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $55.00 to $57.00 in a report on Monday, March 24th. Wells Fargo & Company reduced their target price on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, June 16th. Williams Trading set a $58.00 price target on Ovintiv in a research report on Wednesday, March 5th. Finally, Scotiabank upgraded shares of Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $54.69.
Read Our Latest Stock Report on OVV
Ovintiv Company Profile
(
Free Report)
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.
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