Public Sector Pension Investment Board Sells 774 Shares of Ovintiv Inc. (NYSE:OVV)

Public Sector Pension Investment Board lowered its stake in Ovintiv Inc. (NYSE:OVV) by 2.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,472 shares of the company’s stock after selling 774 shares during the quarter. Public Sector Pension Investment Board’s holdings in Ovintiv were worth $1,709,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. TD Asset Management Inc raised its stake in shares of Ovintiv by 176.3% in the fourth quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock worth $2,027,000 after buying an additional 29,449 shares during the period. Wedge Capital Management L L P NC raised its stake in shares of Ovintiv by 25.0% in the second quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after buying an additional 106,900 shares during the period. FORA Capital LLC bought a new stake in Ovintiv during the 1st quarter valued at approximately $4,244,000. Jacobs Levy Equity Management Inc. bought a new stake in Ovintiv during the 1st quarter valued at approximately $1,149,000. Finally, Canandaigua National Bank & Trust Co. bought a new stake in Ovintiv during the 2nd quarter valued at approximately $1,441,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $38.31 on Tuesday. The stock has a market cap of $10.10 billion, a price-to-earnings ratio of 5.35, a price-to-earnings-growth ratio of 7.23 and a beta of 2.62. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The stock has a 50 day moving average price of $41.94 and a 200-day moving average price of $47.09. Ovintiv Inc. has a one year low of $36.90 and a one year high of $55.95.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Equities analysts expect that Ovintiv Inc. will post 5.26 EPS for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend was Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

Analyst Ratings Changes

Several analysts recently issued reports on OVV shares. TD Cowen lifted their target price on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 10th. JPMorgan Chase & Co. decreased their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Morgan Stanley decreased their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Bank of America reissued a “neutral” rating and set a $55.00 target price on shares of Ovintiv in a research note on Friday, June 14th. Finally, Scotiabank lifted their target price on Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Friday, July 12th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus target price of $58.67.

Ovintiv Company 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.