Public Employees Retirement System of Ohio Buys 666 Shares of Ovintiv Inc. $OVV

Public Employees Retirement System of Ohio grew its stake in shares of Ovintiv Inc. (NYSE:OVV) by 0.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 86,630 shares of the company’s stock after buying an additional 666 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Ovintiv were worth $3,296,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Harbour Investments Inc. boosted its holdings in shares of Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company’s stock worth $39,000 after purchasing an additional 542 shares during the period. Gen Wealth Partners Inc grew its stake in shares of Ovintiv by 91.8% in the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company’s stock worth $43,000 after purchasing an additional 484 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of Ovintiv in the first quarter worth about $48,000. Smartleaf Asset Management LLC grew its stake in shares of Ovintiv by 43.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company’s stock worth $49,000 after purchasing an additional 349 shares during the last quarter. Finally, Brooklyn Investment Group grew its stake in shares of Ovintiv by 91.3% in the first quarter. Brooklyn Investment Group now owns 1,228 shares of the company’s stock worth $53,000 after purchasing an additional 586 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Barclays raised their target price on Ovintiv from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Ovintiv in a research note on Friday, September 26th. Mizuho cut their target price on Ovintiv from $58.00 to $50.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. TD Cowen raised Ovintiv to a “strong-buy” rating in a research note on Monday, July 7th. Finally, Wells Fargo & Company lowered their price objective on shares of Ovintiv from $46.00 to $41.00 and set an “equal weight” rating for the company in a report on Monday, June 16th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $52.60.

Ovintiv Price Performance

OVV stock opened at $40.42 on Wednesday. The firm has a 50 day moving average price of $41.00 and a 200-day moving average price of $38.98. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $47.18. The firm has a market capitalization of $10.39 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 5.25 and a beta of 1.08. 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 (NYSE:OVV) 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 net margin of 6.46% and a return on equity of 14.24%. The business had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.92 billion. Equities research analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, September 15th. Ovintiv’s dividend payout ratio (DPR) is presently 53.10%.

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.