Ovintiv Inc. (NYSE:OVV) Stake Lowered by California Public Employees Retirement System

Posted by on May 11th, 2023

California Public Employees Retirement System cut its holdings in shares of Ovintiv Inc. (NYSE:OVV – Get Rating) by 2.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 592,080 shares of the company’s stock after selling 17,793 shares during the period. California Public Employees Retirement System owned approximately 0.24% of Ovintiv worth $30,024,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Miller Wealth Advisors LLC lifted its position in Ovintiv by 48.2% in the fourth quarter. Miller Wealth Advisors LLC now owns 664 shares of the company’s stock worth $32,000 after purchasing an additional 216 shares during the period. Bay Harbor Wealth Management LLC raised its holdings in Ovintiv by 43.9% during the fourth quarter. Bay Harbor Wealth Management LLC now owns 967 shares of the company’s stock valued at $49,000 after buying an additional 295 shares in the last quarter. Quent Capital LLC acquired a new stake in shares of Ovintiv in the third quarter valued at about $58,000. Point72 Hong Kong Ltd acquired a new stake in shares of Ovintiv in the first quarter valued at about $88,000. Finally, CWM LLC grew its position in Ovintiv by 22.9% during the fourth quarter. CWM LLC now owns 1,743 shares of the company’s stock worth $88,000 after buying an additional 325 shares in the last quarter. 76.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, Director Howard John Mayson sold 3,000 shares of Ovintiv stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $45.62, for a total value of $136,860.00. Following the completion of the sale, the director now owns 21,403 shares in the company, valued at approximately $976,404.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.91% of the stock is owned by corporate insiders.

Analyst Ratings Changes

OVV has been the subject of a number of research analyst reports. National Bankshares cut their target price on shares of Ovintiv from $66.00 to $61.00 and set an “outperform” rating for the company in a research note on Tuesday, April 4th. Evercore ISI dropped their target price on shares of Ovintiv from $60.00 to $42.00 and set an “in-line” rating on the stock in a report on Tuesday, April 4th. UBS Group began coverage on shares of Ovintiv in a research report on Wednesday, April 19th. They set a “buy” rating and a $52.00 target price on the stock. Truist Financial increased their price objective on shares of Ovintiv from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, April 11th. Finally, Mizuho lowered their target price on shares of Ovintiv from $70.00 to $66.00 in a research note on Friday, March 10th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $61.00.

Ovintiv Stock Performance

OVV stock opened at $34.21 on Thursday. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 2.41, a PEG ratio of 0.14 and a beta of 2.78. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.61 and a current ratio of 0.61. The firm has a 50-day simple moving average of $37.18 and a two-hundred day simple moving average of $45.65. Ovintiv Inc. has a one year low of $32.26 and a one year high of $63.30.

Ovintiv (NYSE:OVV – Get Rating) last announced its earnings results on Monday, February 27th. The company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.84). Ovintiv had a net margin of 29.18% and a return on equity of 28.85%. The business had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $2.30 billion. On average, equities analysts forecast that Ovintiv Inc. will post 9.03 EPS for the current fiscal year.

Ovintiv Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be paid a $0.30 dividend. This is a positive change from Ovintiv’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 3.51%. The ex-dividend date is Wednesday, June 14th. Ovintiv’s dividend payout ratio is currently 8.45%.

About Ovintiv

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Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's 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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Institutional Ownership by Quarter for Ovintiv (NYSE:OVV)

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