Virginia Retirement Systems ET AL acquired a new position in shares of Ovintiv Inc. (NYSE:OVV) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 54,700 shares of the company’s stock, valued at approximately $1,303,000.
Several other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Ovintiv by 7.3% during the 4th quarter. BlackRock Inc. now owns 20,203,983 shares of the company’s stock worth $290,130,000 after purchasing an additional 1,378,434 shares in the last quarter. Kimmeridge Energy Management Company LLC raised its stake in shares of Ovintiv by 23.7% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 6,234,626 shares of the company’s stock worth $89,529,000 after purchasing an additional 1,193,114 shares in the last quarter. Morgan Stanley raised its stake in shares of Ovintiv by 47.0% during the 4th quarter. Morgan Stanley now owns 3,285,327 shares of the company’s stock worth $47,178,000 after purchasing an additional 1,049,879 shares in the last quarter. Maple Rock Capital Partners Inc. bought a new stake in Ovintiv in the 4th quarter valued at $32,023,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Ovintiv by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,719,606 shares of the company’s stock valued at $24,694,000 after acquiring an additional 9,032 shares during the period. Institutional investors own 70.04% of the company’s stock.
NYSE:OVV opened at $26.16 on Friday. The stock’s 50-day simple moving average is $24.24 and its 200 day simple moving average is $19.27. The firm has a market capitalization of $6.83 billion, a PE ratio of -1.24 and a beta of 4.00. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.64. Ovintiv Inc. has a twelve month low of $6.04 and a twelve month high of $28.69.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Investors of record on Tuesday, June 15th will be paid a $0.0938 dividend. This represents a $0.38 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend is Monday, June 14th. Ovintiv’s dividend payout ratio (DPR) is presently 11.55%.
A number of equities research analysts recently weighed in on the company. Morgan Stanley upgraded Ovintiv from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $32.00 to $35.00 in a research note on Tuesday, March 30th. Citigroup increased their price target on Ovintiv from $18.00 to $28.00 in a research note on Tuesday, March 23rd. Wolfe Research upgraded Ovintiv from a “peer perform” rating to an “outperform” rating and set a $30.00 price target on the stock in a research note on Thursday, April 29th. Tudor Pickering raised Ovintiv from an “accumulate” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Tuesday, March 30th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their price objective on Ovintiv from $18.00 to $28.00 in a report on Tuesday, March 23rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the stock. Ovintiv presently has an average rating of “Buy” and a consensus target price of $24.37.
In other Ovintiv news, EVP Joanne Linette Alexander sold 7,759 shares of the stock in a transaction dated Thursday, April 1st. The stock was sold at an average price of $24.30, for a total value of $188,543.70. Company insiders own 1.28% of the company’s stock.
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.
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