Voya Investment Management LLC Trims Holdings in Ovintiv Inc. $OVV

Key Points

• Voya Investment Management LLC reduced its holdings in Ovintiv Inc. by 45.1% in the first quarter, leaving the institutional investor with 33,165 shares worth approximately $1.4 million.
• Ovintiv recently declared a quarterly dividend of $0.30, which represents an annualized yield of 2.9%, with the payment scheduled for September 29th.
• In its latest earnings report, Ovintiv reported an EPS of $1.02, missing estimates, with revenues totaling $1.79 billion against an expected $1.92 billion.

Voya Investment Management LLC trimmed its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 45.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,165 shares of the company's stock after selling 27,267 shares during the period. Voya Investment Management LLC's holdings in Ovintiv were worth $1,419,000 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 company. Concurrent Investment Advisors LLC lifted its holdings in Ovintiv by 5.6% in the 1st quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock valued at $239,000 after purchasing an additional 297 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in Ovintiv by 43.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company's stock valued at $49,000 after purchasing an additional 349 shares in the last quarter. UMB Bank n.a. lifted its holdings in Ovintiv by 16.9% in the 1st quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock valued at $124,000 after purchasing an additional 417 shares in the last quarter. Crossmark Global Holdings Inc. lifted its holdings in Ovintiv by 0.6% in the 1st quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock valued at $2,962,000 after purchasing an additional 420 shares in the last quarter. Finally, Aberdeen Group plc lifted its holdings in Ovintiv by 5.5% in the 1st quarter. Aberdeen Group plc now owns 9,168 shares of the company's stock valued at $392,000 after purchasing an additional 475 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Price Performance

OVV opened at $41.35 on Tuesday. The company's 50 day simple moving average is $40.73 and its 200 day simple moving average is $38.87. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $47.18. The stock has a market capitalization of $10.63 billion, a PE ratio of 18.30, a P/E/G ratio of 5.30 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.92 billion. As a group, sell-side analysts expect that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a $0.30 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.20 annualized dividend and a yield of 2.9%. Ovintiv's dividend payout ratio (DPR) is presently 53.10%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wells Fargo & Company reduced their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, June 16th. TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Morgan Stanley set a $48.00 price objective on shares of Ovintiv and gave the stock an "equal weight" rating in a report on Monday, August 18th. Scotiabank raised their target price on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Finally, The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and raised their target price for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $52.53.

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.

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