VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $2.15 Million Investment in Ovintiv Inc. $OVV

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, HoldingsChannel reports. The fund acquired 56,400 shares of the company’s stock, valued at approximately $2,146,000.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Ovintiv by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company’s stock worth $1,302,113,000 after purchasing an additional 959,711 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Ovintiv by 383.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company’s stock worth $396,267,000 after purchasing an additional 7,344,796 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its stake in shares of Ovintiv by 3.5% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 8,437,152 shares of the company’s stock worth $361,110,000 after buying an additional 284,656 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Ovintiv by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,708,987 shares of the company’s stock worth $244,338,000 after buying an additional 146,749 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of Ovintiv by 69.7% during the 1st quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company’s stock worth $238,513,000 after buying an additional 2,288,989 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Down 0.2%

NYSE OVV opened at $36.18 on Wednesday. The business has a fifty day moving average price of $40.34 and a 200 day moving average price of $38.61. Ovintiv Inc. has a one year low of $29.80 and a one year high of $47.18. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The company has a market cap of $9.30 billion, a P/E ratio of 16.01, a P/E/G ratio of 5.34 and a beta of 0.97.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The firm had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.92 billion. Research analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, September 15th. Ovintiv’s dividend payout ratio is currently 53.10%.

Wall Street Analyst Weigh In

OVV has been the subject of several research analyst reports. Mizuho reduced their target price on Ovintiv from $58.00 to $50.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Scotiabank upped their target price on Ovintiv from $48.00 to $51.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 11th. Zacks Research downgraded Ovintiv from a “hold” rating to a “strong sell” rating in a research note on Friday, September 26th. UBS Group upped their target price on Ovintiv from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Finally, The Goldman Sachs Group raised Ovintiv from a “neutral” rating to a “buy” rating and upped their target price for the stock from $47.00 to $51.00 in a research note on Tuesday, July 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.12.

Ovintiv 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.