Strs Ohio Increases Position in Ovintiv Inc. (NYSE:OVV)

Strs Ohio lifted its holdings in Ovintiv Inc. (NYSE:OVV – Get Rating) by 10.1% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,938 shares of the company’s stock after buying an additional 1,743 shares during the period. Strs Ohio’s holdings in Ovintiv were worth $871,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ronald Blue Trust Inc. purchased a new position in shares of Ovintiv in the 2nd quarter worth approximately $31,000. Bay Harbor Wealth Management LLC purchased a new position in Ovintiv in the second quarter valued at approximately $29,000. Rosenberg Matthew Hamilton lifted its stake in Ovintiv by 114.3% in the second quarter. Rosenberg Matthew Hamilton now owns 750 shares of the company’s stock valued at $33,000 after purchasing an additional 400 shares during the last quarter. CWM LLC lifted its stake in Ovintiv by 20.1% in the second quarter. CWM LLC now owns 1,460 shares of the company’s stock valued at $65,000 after purchasing an additional 244 shares during the last quarter. Finally, Raleigh Capital Management Inc. purchased a new position in Ovintiv in the second quarter valued at approximately $69,000. Hedge funds and other institutional investors own 76.76% of the company’s stock.

Ovintiv Stock Performance

OVV opened at $50.28 on Monday. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.51 and a quick ratio of 0.51. Ovintiv Inc. has a 52 week low of $34.41 and a 52 week high of $63.30. The business’s fifty day simple moving average is $51.90 and its 200 day simple moving average is $49.90.

Ovintiv (NYSE:OVV – Get Rating) last released its earnings results on Tuesday, November 8th. The company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.98 by ($0.54). The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $2.52 billion. Ovintiv had a net margin of 29.27% and a return on equity of 53.16%. On average, analysts predict that Ovintiv Inc. will post 8.46 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 30th. Investors of record on Thursday, December 15th were paid a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, December 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.99%.

Insider Activity at Ovintiv

In related news, Director Howard John Mayson sold 2,600 shares of the stock in a transaction on Monday, November 14th. The stock was sold at an average price of $56.21, for a total value of $146,146.00. Following the transaction, the director now owns 24,403 shares of the company’s stock, valued at $1,371,692.63. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Ovintiv news, Director Howard John Mayson sold 2,600 shares of the company’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $56.21, for a total transaction of $146,146.00. Following the completion of the sale, the director now directly owns 24,403 shares in the company, valued at $1,371,692.63. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Renee Ellen Zemljak sold 610 shares of the company’s stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $55.12, for a total transaction of $33,623.20. Following the sale, the executive vice president now owns 71,814 shares of the company’s stock, valued at $3,958,387.68. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on OVV. Royal Bank of Canada upped their price objective on Ovintiv from $57.00 to $58.00 and gave the company a “sector perform” rating in a research note on Thursday, November 10th. The Goldman Sachs Group upped their price objective on Ovintiv from $62.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, October 19th. Bank of America upped their price objective on Ovintiv from $60.00 to $70.00 in a research note on Tuesday, September 20th. Siebert Williams Shank initiated coverage on Ovintiv in a research report on Friday, December 9th. They set a “buy” rating and a $75.00 target price on the stock. Finally, Cowen increased their target price on Ovintiv to $79.00 in a research report on Tuesday, November 15th. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and an average target price of $71.00.

Ovintiv Company Profile

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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.