California Public Employees Retirement System Cuts Stock Position in Ovintiv Inc. (NYSE:OVV)

California Public Employees Retirement System cut its holdings in Ovintiv Inc. (NYSE:OVVGet Rating) by 3.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 586,296 shares of the company’s stock after selling 22,044 shares during the quarter. California Public Employees Retirement System’s holdings in Ovintiv were worth $19,758,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Moors & Cabot Inc. purchased a new stake in shares of Ovintiv in the third quarter valued at approximately $25,000. Point72 Hong Kong Ltd purchased a new stake in shares of Ovintiv in the third quarter valued at approximately $33,000. UMB Bank N A MO purchased a new stake in shares of Ovintiv in the fourth quarter valued at approximately $39,000. O Shaughnessy Asset Management LLC increased its position in shares of Ovintiv by 481.6% in the third quarter. O Shaughnessy Asset Management LLC now owns 1,297 shares of the company’s stock valued at $43,000 after buying an additional 1,074 shares in the last quarter. Finally, Dark Forest Capital Management LP increased its position in shares of Ovintiv by 1,099.4% in the third quarter. Dark Forest Capital Management LP now owns 1,955 shares of the company’s stock valued at $64,000 after buying an additional 1,792 shares in the last quarter. Institutional investors and hedge funds own 76.96% of the company’s stock.

Shares of Ovintiv stock opened at $45.15 on Friday. Ovintiv Inc. has a 52 week low of $21.92 and a 52 week high of $57.60. The business’s fifty day simple moving average is $50.61 and its 200-day simple moving average is $42.13. The firm has a market cap of $11.68 billion, a PE ratio of 9.96 and a beta of 3.17. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.94.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Tuesday, June 14th. This is a positive change from Ovintiv’s previous quarterly dividend of $0.20.

A number of brokerages have recently issued reports on OVV. CIBC lifted their price target on Ovintiv from $50.00 to $55.00 in a research note on Thursday, March 3rd. TheStreet raised Ovintiv from a “c” rating to a “b-” rating in a research note on Tuesday, March 1st. Wells Fargo & Company lifted their price target on Ovintiv from $52.00 to $72.00 and gave the stock an “overweight” rating in a research note on Monday, March 14th. Morgan Stanley lifted their price target on Ovintiv from $49.00 to $68.00 and gave the stock an “overweight” rating in a research note on Friday, April 22nd. Finally, Barclays lifted their price target on Ovintiv from $45.00 to $56.00 in a research note on Friday, March 18th. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $56.62.

In other news, Director Thomas G. Ricks sold 10,000 shares of the company’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $53.73, for a total value of $537,300.00. Following the transaction, the director now owns 145,500 shares of the company’s stock, valued at approximately $7,817,715. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Howard John Mayson sold 2,200 shares of the company’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $48.09, for a total value of $105,798.00. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Ovintiv Company Profile (Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Ovintiv (NYSE:OVV)

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