Public Employees Retirement System of Ohio Reduces Position in Ovintiv Inc. (NYSE:OVV)

Public Employees Retirement System of Ohio decreased its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 33.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 103,121 shares of the company's stock after selling 52,467 shares during the period. Public Employees Retirement System of Ohio's holdings in Ovintiv were worth $3,951,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. True Wealth Design LLC boosted its position in shares of Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company's stock valued at $25,000 after acquiring an additional 636 shares during the last quarter. Innealta Capital LLC bought a new stake in Ovintiv during the second quarter valued at approximately $39,000. UMB Bank n.a. lifted its position in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock valued at $50,000 after purchasing an additional 286 shares during the last quarter. Transamerica Financial Advisors Inc. purchased a new position in Ovintiv in the 3rd quarter worth approximately $65,000. Finally, International Assets Investment Management LLC bought a new position in shares of Ovintiv in the 2nd quarter worth $69,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Down 1.9 %

Ovintiv stock traded down $0.75 on Monday, hitting $39.76. 3,261,691 shares of the stock traded hands, compared to its average volume of 3,070,333. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95. The firm has a market cap of $10.35 billion, a P/E ratio of 5.27 and a beta of 2.63. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The business's fifty day simple moving average is $42.25 and its 200 day simple moving average is $43.48.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv's payout ratio is currently 15.92%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on OVV. JPMorgan Chase & Co. dropped their price objective on shares of Ovintiv from $60.00 to $51.00 and set an "overweight" rating for the company in a report on Thursday, September 12th. Evercore ISI cut their price objective on Ovintiv from $60.00 to $54.00 and set an "outperform" rating for the company in a report on Monday, September 30th. Barclays increased their price objective on Ovintiv from $53.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Scotiabank boosted their target price on Ovintiv from $50.00 to $53.00 and gave the stock a "sector outperform" rating in a research report on Monday, November 18th. Finally, UBS Group reduced their price target on shares of Ovintiv from $59.00 to $56.00 and set a "buy" rating on the stock in a research report on Monday, December 9th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Ovintiv currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.59.

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.