Retirement Systems of Alabama Has $13.96 Million Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Retirement Systems of Alabama boosted its stake in Ovintiv Inc. (NYSE:OVV) by 0.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 317,870 shares of the company’s stock after purchasing an additional 1,141 shares during the quarter. Retirement Systems of Alabama owned about 0.12% of Ovintiv worth $13,961,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Xponance Inc. grew its holdings in Ovintiv by 0.6% in the third quarter. Xponance Inc. now owns 41,823 shares of the company’s stock worth $1,990,000 after purchasing an additional 240 shares during the period. LPL Financial LLC grew its holdings in Ovintiv by 0.3% in the third quarter. LPL Financial LLC now owns 89,668 shares of the company’s stock worth $4,265,000 after purchasing an additional 261 shares during the period. Blue Trust Inc. grew its holdings in Ovintiv by 20.5% in the fourth quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock worth $80,000 after purchasing an additional 284 shares during the period. Signaturefd LLC grew its holdings in Ovintiv by 1.7% in the third quarter. Signaturefd LLC now owns 19,093 shares of the company’s stock worth $908,000 after purchasing an additional 317 shares during the period. Finally, Fifth Third Bancorp grew its holdings in shares of Ovintiv by 20.3% during the fourth quarter. Fifth Third Bancorp now owns 1,945 shares of the company’s stock valued at $85,000 after buying an additional 328 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Performance

NYSE OVV opened at $50.72 on Thursday. The company’s 50 day moving average is $51.39 and its 200-day moving average is $46.70. Ovintiv Inc. has a 12-month low of $32.07 and a 12-month high of $55.95. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.53. The firm has a market cap of $13.64 billion, a P/E ratio of 6.43 and a beta of 2.65.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.41. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. Sell-side analysts predict that Ovintiv Inc. will post 6.13 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.30 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.20 annualized dividend and a yield of 2.37%. Ovintiv’s dividend payout ratio is currently 15.21%.

Insider Activity at Ovintiv

In related news, Director Howard John Mayson sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.56, for a total transaction of $303,360.00. Following the completion of the transaction, the director now owns 36,840 shares of the company’s stock, valued at $1,862,630.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Howard John Mayson sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.56, for a total transaction of $303,360.00. Following the completion of the transaction, the director now owns 36,840 shares of the company’s stock, valued at $1,862,630.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Rachel Maureen Moore sold 9,300 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the transaction, the executive vice president now directly owns 52,557 shares of the company’s stock, valued at approximately $2,662,012.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,564 shares of company stock valued at $4,660,818. Corporate insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

OVV has been the subject of a number of analyst reports. Royal Bank of Canada lifted their price objective on shares of Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a report on Thursday, February 29th. Jefferies Financial Group lifted their price objective on shares of Ovintiv from $59.00 to $69.00 and gave the company a “buy” rating in a report on Friday, April 12th. UBS Group lifted their price objective on shares of Ovintiv from $62.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Wells Fargo & Company reduced their price objective on shares of Ovintiv from $46.00 to $44.00 and set an “equal weight” rating for the company in a report on Wednesday, January 17th. Finally, Scotiabank reduced their price objective on shares of Ovintiv from $53.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, January 16th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.71.

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.