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

Voloridge Investment Management LLC trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 66.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 227,134 shares of the company's stock after selling 452,570 shares during the period. Voloridge Investment Management LLC owned 0.09% of Ovintiv worth $9,199,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in OVV. Colonial Trust Co SC purchased a new stake in shares of Ovintiv during the 4th quarter worth approximately $28,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after purchasing an additional 360 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after buying an additional 335 shares during the last quarter. Mizuho Bank Ltd. acquired a new stake in Ovintiv in the 4th quarter valued at $40,000. Finally, Optiver Holding B.V. acquired a new stake in Ovintiv in the 4th quarter valued at $40,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on OVV shares. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and raised their target price for the company from $55.00 to $57.00 in a research note on Monday, March 24th. National Bankshares raised their price target on Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Morgan Stanley restated an "overweight" rating and issued a $50.00 target price on shares of Ovintiv in a research report on Tuesday, April 15th. Barclays dropped their price objective on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, Williams Trading set a $58.00 target price on Ovintiv in a report on Wednesday, March 5th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $55.65.

Ovintiv Price Performance

Shares of NYSE:OVV traded down $0.59 during trading on Friday, hitting $35.94. 1,183,710 shares of the company were exchanged, compared to its average volume of 3,253,726. The business's 50 day moving average is $36.15 and its 200-day moving average is $40.30. The company has a market capitalization of $9.34 billion, a P/E ratio of 4.77 and a beta of 1.14. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $51.72.

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, beating analysts' consensus estimates of $1.20 by $0.22. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. Equities analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.34%. Ovintiv's dividend payout ratio (DPR) is presently 51.06%.

Ovintiv Company 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.