VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Shares in Ovintiv Inc. $OVV

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, Holdings Channel reports. The firm acquired 65,750 shares of the company’s stock, valued at approximately $3,462,000.

A number of other institutional investors and hedge funds have also made changes to their positions in OVV. Stifel Financial Corp increased its holdings in shares of Ovintiv by 1.4% in the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock worth $749,000 after buying an additional 269 shares during the last quarter. CX Institutional grew its position in Ovintiv by 1.0% in the second quarter. CX Institutional now owns 28,363 shares of the company’s stock worth $1,493,000 after acquiring an additional 276 shares in the last quarter. Root Financial Partners LLC grew its position in Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after acquiring an additional 277 shares in the last quarter. Deseret Mutual Benefit Administrators increased its stake in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after acquiring an additional 287 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its stake in Ovintiv by 2.6% during the first quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company’s stock worth $773,000 after acquiring an additional 324 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $64.43 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The stock’s fifty day moving average is $61.24 and its two-hundred day moving average is $57.98. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $67.51. The company has a market capitalization of $17.75 billion, a PE ratio of 18.20 and a beta of 0.53.

Ovintiv (NYSE:OVV) last released its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). The business had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. As a group, analysts expect that Ovintiv Inc. will post 7.3 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. Ovintiv’s dividend payout ratio (DPR) is presently 33.90%.

Wall Street Analysts Forecast Growth

OVV has been the subject of several analyst reports. UBS Group raised their price objective on Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Barclays boosted their target price on Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Seaport Research Partners began coverage on Ovintiv in a report on Thursday, September 3rd. They set a “neutral” rating on the stock. Mizuho raised their price target on Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Finally, Scotiabank raised shares of Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $68.20.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president directly owned 72,530 shares of the company’s stock, valued at $4,592,599.60. The trade was a 9.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.85% of the stock is owned by insiders.

About Ovintiv

Ovintiv Inc is an independent North American energy company engaged primarily in the exploration, development, production and acquisition of oil, condensate, natural gas liquids and natural gas. Its portfolio is focused on unconventional, or shale, resource plays, with operations designed to produce a mix of higher-value liquids and natural gas.

The company’s principal assets are located in the United States and Canada. Its U.S. operations include positions in the Permian Basin of west Texas and New Mexico, the Uinta Basin of Utah and the Anadarko Basin of Oklahoma, while its Canadian operations include properties in Alberta’s Montney and Duvernay formations.