New York State Teachers Retirement System Buys 1,620 Shares of Ovintiv Inc. (NYSE:OVV)

New York State Teachers Retirement System lifted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 0.7% in the third quarter, Holdings Channel.com reports. The fund owned 233,819 shares of the company’s stock after acquiring an additional 1,620 shares during the quarter. New York State Teachers Retirement System’s holdings in Ovintiv were worth $8,958,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Innealta Capital LLC bought a new position in shares of Ovintiv during the second quarter worth about $39,000. Geneos Wealth Management Inc. increased its holdings in Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares in the last quarter. UMB Bank n.a. increased its holdings in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Ovintiv in the second quarter worth approximately $69,000. Finally, Covestor Ltd increased its holdings in Ovintiv by 23.1% in the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after purchasing an additional 293 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. lowered their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Truist Financial lowered their target price on Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a report on Monday, September 30th. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Wolfe Research initiated coverage on Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 target price for the company. Finally, Wells Fargo & Company reduced their price objective on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $38.96 on Monday. The business’s fifty day simple moving average is $40.73 and its 200 day simple moving average is $45.12. The firm has a market capitalization of $10.27 billion, a P/E ratio of 5.50, a price-to-earnings-growth ratio of 7.46 and a beta of 2.62. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month high of $55.95. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47.

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.