Teachers Retirement System of The State of Kentucky Acquires New Holdings in Ovintiv Inc. (NYSE:OVV)

Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV – Get Rating) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 168,905 shares of the company’s stock, valued at approximately $7,769,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Rosenberg Matthew Hamilton grew its holdings in Ovintiv by 26.7% during the third quarter. Rosenberg Matthew Hamilton now owns 950 shares of the company’s stock worth $44,000 after acquiring an additional 200 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in Ovintiv by 1.0% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 23,533 shares of the company’s stock worth $1,082,000 after acquiring an additional 234 shares during the period. Veriti Management LLC grew its holdings in Ovintiv by 5.2% during the third quarter. Veriti Management LLC now owns 5,602 shares of the company’s stock worth $258,000 after acquiring an additional 276 shares during the period. Measured Wealth Private Client Group LLC grew its holdings in Ovintiv by 4.6% during the third quarter. Measured Wealth Private Client Group LLC now owns 6,818 shares of the company’s stock worth $314,000 after acquiring an additional 298 shares during the period. Finally, Silvant Capital Management LLC grew its holdings in Ovintiv by 15.2% during the third quarter. Silvant Capital Management LLC now owns 3,781 shares of the company’s stock worth $174,000 after acquiring an additional 500 shares during the period. Institutional investors own 76.76% of the company’s stock.

Insider Buying and Selling

In related news, Director Howard John Mayson sold 3,000 shares of Ovintiv stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $45.62, for a total transaction of $136,860.00. Following the transaction, the director now owns 21,403 shares in the company, valued at $976,404.86. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.70% of the stock is currently owned by company insiders.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $34.08 on Friday. Ovintiv Inc. has a one year low of $32.26 and a one year high of $63.30. The company has a market cap of $8.30 billion, a price-to-earnings ratio of 2.40, a PEG ratio of 0.20 and a beta of 2.79. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.61 and a current ratio of 0.61. The business’s 50 day moving average price is $45.81 and its 200 day moving average price is $49.38.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $1.00 dividend on an annualized basis and a yield of 2.93%. Ovintiv’s payout ratio is 7.04%.

Analysts Set New Price Targets

Several analysts have commented on the company. Morgan Stanley lowered Ovintiv from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $60.00 to $51.00 in a report on Tuesday, January 24th. BMO Capital Markets lowered Ovintiv from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $56.00 to $51.00 in a report on Tuesday, March 7th. Citigroup dropped their price objective on Ovintiv from $66.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, February 13th. Barclays dropped their price objective on Ovintiv from $60.00 to $56.00 and set an “overweight” rating on the stock in a report on Monday, January 23rd. Finally, JPMorgan Chase & Co. lowered Ovintiv from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $59.00 to $53.00 in a report on Tuesday. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $68.16.

About Ovintiv

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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.