Ovintiv Inc. (NYSE:OVV) Position Trimmed by California Public Employees Retirement System

California Public Employees Retirement System trimmed its stake in Ovintiv Inc. (NYSE:OVV) by 1.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 448,307 shares of the company’s stock after selling 6,200 shares during the quarter. California Public Employees Retirement System’s holdings in Ovintiv were worth $18,156,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB lifted its position in Ovintiv by 100.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after buying an additional 360 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after acquiring an additional 335 shares in the last quarter. Cullen Frost Bankers Inc. boosted its position in Ovintiv by 3,571.4% during the fourth quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company’s stock valued at $42,000 after purchasing an additional 1,000 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Ovintiv by 451.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company’s stock valued at $46,000 after purchasing an additional 940 shares in the last quarter. Finally, SRS Capital Advisors Inc. increased its position in Ovintiv by 4,132.3% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,312 shares of the company’s stock worth $53,000 after purchasing an additional 1,281 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Down 15.8 %

NYSE OVV opened at $32.89 on Friday. Ovintiv Inc. has a twelve month low of $32.63 and a twelve month high of $55.95. The stock has a market cap of $8.57 billion, a PE ratio of 4.36 and a beta of 2.04. The firm has a 50-day simple moving average of $42.11 and a 200 day simple moving average of $41.94. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.65%. The ex-dividend date was Friday, March 14th. Ovintiv’s payout ratio is presently 28.57%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Williams Trading set a $58.00 price target on Ovintiv in a research note on Wednesday, March 5th. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. Truist Financial upped their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Scotiabank upgraded Ovintiv to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, Mizuho decreased their price target on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Ovintiv currently has a consensus rating of “Buy” and an average target price of $57.17.

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.