State of Michigan Retirement System Has $4.14 Million Stock Position in Ovintiv Inc. (NYSE:OVV)

State of Michigan Retirement System increased its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 1.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 79,800 shares of the company’s stock after purchasing an additional 1,200 shares during the period. State of Michigan Retirement System’s holdings in Ovintiv were worth $4,142,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. GAMMA Investing LLC grew its stake in Ovintiv by 7.5% during the first quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock worth $165,000 after purchasing an additional 220 shares during the period. LPL Financial LLC grew its stake in Ovintiv by 0.3% in the third quarter. LPL Financial LLC now owns 89,668 shares of the company’s stock valued at $4,265,000 after acquiring an additional 261 shares during the period. Blue Trust Inc. grew its stake in Ovintiv by 20.5% in the fourth quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock valued at $80,000 after acquiring an additional 284 shares during the period. Fifth Third Bancorp grew its stake in Ovintiv by 20.3% in the fourth quarter. Fifth Third Bancorp now owns 1,945 shares of the company’s stock valued at $85,000 after acquiring an additional 328 shares during the period. Finally, Quent Capital LLC grew its stake in Ovintiv by 151.3% in the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock valued at $26,000 after acquiring an additional 351 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on OVV. Mizuho raised their price objective on Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Bank of America restated a “neutral” rating and issued a $55.00 target price on shares of Ovintiv in a report on Friday, June 14th. Morgan Stanley raised their target price on Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Barclays initiated coverage on Ovintiv in a report on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 target price on the stock. Finally, TD Cowen raised their target price on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.65.

Ovintiv Stock Down 0.1 %

Shares of NYSE OVV opened at $46.88 on Wednesday. Ovintiv Inc. has a one year low of $36.27 and a one year high of $55.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.52 and a quick ratio of 0.52. The business’s fifty day moving average price is $49.02 and its 200-day moving average price is $47.61. The stock has a market capitalization of $12.52 billion, a PE ratio of 6.55 and a beta of 2.63.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.58 billion. On average, equities research analysts anticipate that Ovintiv Inc. will post 6.11 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.56%. Ovintiv’s payout ratio is 16.76%.

Insider Activity at Ovintiv

In related news, Director Steven W. Nance sold 12,000 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $50.00, for a total transaction of $600,000.00. Following the sale, the director now directly owns 8,929 shares in the company, valued at approximately $446,450. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the transaction, the director now directly owns 8,929 shares in the company, valued at approximately $446,450. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares in the company, valued at $2,315,568.06. The disclosure for this sale can be found here. 0.97% of the stock is currently owned by corporate insiders.

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.