Public Employees Retirement System of Ohio Invests $4.85 Million in Ovintiv Inc. $OVV

Public Employees Retirement System of Ohio purchased a new position in Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 92,111 shares of the company’s stock, valued at approximately $4,850,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OVV. Steph & Co. bought a new position in Ovintiv in the 1st quarter worth about $29,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Ovintiv in the second quarter valued at approximately $32,000. Aberdeen Wealth Management LLC purchased a new stake in shares of Ovintiv in the second quarter valued at approximately $32,000. Los Angeles Capital Management LLC purchased a new position in Ovintiv during the 4th quarter worth $46,000. Finally, Deseret Mutual Benefit Administrators raised its position in Ovintiv by 27.6% during the 4th 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 in the last quarter. Institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

OVV has been the topic of several research reports. Wall Street Zen upgraded Ovintiv from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. Citigroup raised their target price on shares of Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Texas Capital upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. Barclays upped their target price on Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Finally, Wells Fargo & Company lifted their price target on Ovintiv from $78.00 to $79.00 and gave the company an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $66.95.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the transaction, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.85% of the company’s stock.

Ovintiv Trading Up 0.4%

NYSE OVV opened at $66.87 on Thursday. The company has a fifty day simple moving average of $60.05 and a two-hundred day simple moving average of $57.39. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $67.51. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The stock has a market cap of $18.42 billion, a P/E ratio of 18.89 and a beta of 0.53.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The firm had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.37 billion. On average, analysts forecast that Ovintiv Inc. will post 7.09 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s dividend payout ratio (DPR) is currently 33.90%.

Ovintiv Company Profile

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.