New York State Teachers Retirement System trimmed its holdings in Ovintiv Inc. (NYSE:OVV – Free Report) by 13.1% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 196,094 shares of the company’s stock after selling 29,645 shares during the quarter. New York State Teachers Retirement System’s holdings in Ovintiv were worth $11,640,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of OVV. Steph & Co. bought a new position in Ovintiv during the 1st quarter valued at about $29,000. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Ovintiv in the third quarter worth approximately $36,000. Flagship Harbor Advisors LLC bought a new stake in shares of Ovintiv in the fourth quarter worth approximately $38,000. Los Angeles Capital Management LLC purchased a new position in shares of Ovintiv during the fourth quarter valued at approximately $46,000. Finally, Deseret Mutual Benefit Administrators raised its holdings in shares of Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after purchasing an additional 287 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the stock. National Bank Financial increased their price objective on shares of Ovintiv from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Weiss Ratings downgraded shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a research report on Tuesday, May 12th. Bank of America boosted their target price on shares of Ovintiv from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Citigroup reissued a “neutral” rating and set a $62.00 price target (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Finally, Barclays raised their price target on Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and an average target price of $64.32.
Ovintiv Stock Down 0.1%
Shares of OVV stock opened at $52.93 on Monday. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $63.46. The stock has a market cap of $14.87 billion, a P/E ratio of 17.07 and a beta of 0.53. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. The company has a 50 day simple moving average of $56.81 and a two-hundred day simple moving average of $51.20.
Ovintiv Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.3%. Ovintiv’s payout ratio is presently 38.71%.
About Ovintiv
Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.
The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.
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