Voloridge Investment Management LLC Decreases Holdings in Ovintiv Inc. (NYSE:OVV)

Voloridge Investment Management LLC lowered its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 66.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 227,134 shares of the company's stock after selling 452,570 shares during the period. Voloridge Investment Management LLC owned approximately 0.09% of Ovintiv worth $9,199,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Park Avenue Securities LLC lifted its holdings in shares of Ovintiv by 8.9% during the fourth quarter. Park Avenue Securities LLC now owns 6,845 shares of the company's stock valued at $277,000 after purchasing an additional 558 shares in the last quarter. Merit Financial Group LLC purchased a new position in Ovintiv during the fourth quarter valued at $333,000. MassMutual Private Wealth & Trust FSB lifted its position in Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock valued at $29,000 after purchasing an additional 360 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in Ovintiv by 0.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company's stock valued at $2,647,000 after purchasing an additional 231 shares during the period. Finally, Janney Montgomery Scott LLC increased its position in Ovintiv by 10.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 33,171 shares of the company's stock worth $1,343,000 after buying an additional 3,212 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

OVV has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered their price objective on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Wells Fargo & Company raised their target price on shares of Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 22nd. Scotiabank upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. Mizuho reduced their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Finally, Barclays lowered their price target on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $55.65.

Ovintiv Trading Down 0.3%

OVV stock traded down $0.11 during mid-day trading on Wednesday, reaching $36.42. 3,795,242 shares of the stock traded hands, compared to its average volume of 3,263,583. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv Inc. has a one year low of $29.80 and a one year high of $51.72. The stock has a market capitalization of $9.46 billion, a PE ratio of 4.83 and a beta of 1.14. The business has a 50-day moving average price of $36.39 and a two-hundred day moving average price of $40.36.

Ovintiv (NYSE:OVV - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The firm had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. Equities research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's dividend payout ratio (DPR) is presently 51.06%.

Ovintiv Profile

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.